Enlight Renewable Energy (NASDAQ:ENLT) Hits New 12-Month High – Here’s Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $18.79 and last traded at $18.59, with a volume of 27298 shares changing hands. The stock had previously closed at $18.18.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ENLT. Deutsche Bank Aktiengesellschaft started coverage on Enlight Renewable Energy in a research report on Thursday, March 6th. They set a “buy” rating and a $22.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, Wolfe Research cut shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a report on Thursday, February 20th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.25.

Enlight Renewable Energy Stock Performance

The stock has a 50 day moving average of $16.28 and a 200 day moving average of $16.44. The company has a quick ratio of 0.53, a current ratio of 1.22 and a debt-to-equity ratio of 1.98. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 53.03 and a beta of 1.24.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.24. The company had revenue of $129.87 million for the quarter, compared to the consensus estimate of $396.61 million. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%. As a group, analysts anticipate that Enlight Renewable Energy Ltd will post 0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Y.D. More Investments Ltd increased its holdings in Enlight Renewable Energy by 18.6% in the 4th quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock worth $53,043,000 after purchasing an additional 482,129 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Enlight Renewable Energy in the third quarter valued at approximately $4,901,000. Barclays PLC boosted its position in Enlight Renewable Energy by 4,278.2% during the 3rd quarter. Barclays PLC now owns 25,525 shares of the company’s stock worth $432,000 after buying an additional 24,942 shares during the period. Meitav Investment House Ltd. boosted its position in Enlight Renewable Energy by 4.0% during the 4th quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock worth $101,910,000 after buying an additional 229,255 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Enlight Renewable Energy by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 4,158,533 shares of the company’s stock worth $71,926,000 after acquiring an additional 35,555 shares during the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd operates a renewable energy platform in Israel, Central-Eastern Europe, Western Europe, and the United States. The company develops, finances, constructs, owns, and operates utility-scale renewable energy projects. It develops wind energy and solar energy projects, as well as energy storage projects.