Enlight Renewable Energy (NASDAQ:ENLT) Trading Down 5.1% – Here’s Why

Enlight Renewable Energy Ltd. (NASDAQ:ENLT)’s share price traded down 5.1% during mid-day trading on Wednesday . The stock traded as low as $91.16 and last traded at $92.7180. 63,152 shares were traded during trading, a decline of 62% from the average session volume of 166,642 shares. The stock had previously closed at $97.75.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the stock an “underweight” rating in a research report on Wednesday, May 6th. Mizuho set a $37.00 price objective on shares of Enlight Renewable Energy in a research report on Monday, February 23rd. Barclays reiterated an “overweight” rating on shares of Enlight Renewable Energy in a research report on Wednesday, February 18th. Wall Street Zen upgraded shares of Enlight Renewable Energy from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, UBS Group lifted their price target on shares of Enlight Renewable Energy from $105.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $63.17.

Enlight Renewable Energy Trading Down 7.4%

The firm has a market capitalization of $10.73 billion, a price-to-earnings ratio of 211.16, a PEG ratio of 34.44 and a beta of 1.56. The business’s 50-day simple moving average is $86.56 and its two-hundred day simple moving average is $66.80. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 1.68.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. Enlight Renewable Energy had a net margin of 9.47% and a return on equity of 2.48%. The business had revenue of $156.49 million during the quarter. Equities analysts forecast that Enlight Renewable Energy Ltd. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Shai Yeshayahu Weil sold 73,436 shares of the firm’s stock in a transaction that occurred on Monday, May 25th. The shares were sold at an average price of $93.68, for a total value of $6,879,484.48. Following the completion of the transaction, the director owned 396,655 shares of the company’s stock, valued at approximately $37,158,640.40. This trade represents a 15.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ilan Goren sold 26,622 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $103.76, for a total transaction of $2,762,298.72. Following the completion of the transaction, the insider directly owned 42,835 shares of the company’s stock, valued at approximately $4,444,559.60. The trade was a 38.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 313,597 shares of company stock valued at $29,830,515.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ENLT. Amundi boosted its stake in shares of Enlight Renewable Energy by 2.3% in the first quarter. Amundi now owns 74,681 shares of the company’s stock valued at $1,160,000 after purchasing an additional 1,647 shares during the period. Geode Capital Management LLC grew its holdings in Enlight Renewable Energy by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 108,157 shares of the company’s stock worth $2,458,000 after acquiring an additional 773 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Enlight Renewable Energy during the 2nd quarter worth approximately $815,000. First Trust Advisors LP grew its holdings in Enlight Renewable Energy by 9.6% during the 2nd quarter. First Trust Advisors LP now owns 70,516 shares of the company’s stock worth $1,600,000 after acquiring an additional 6,201 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in Enlight Renewable Energy by 9.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 279,789 shares of the company’s stock worth $6,348,000 after acquiring an additional 24,653 shares in the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.