Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Time to Sell?

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $19.96, but opened at $19.33. Enlight Renewable Energy shares last traded at $19.79, with a volume of 21,692 shares traded.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft began coverage on shares of Enlight Renewable Energy in a research report on Thursday, March 6th. They issued a “buy” rating and a $22.00 price target for the company. Wolfe Research cut shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Enlight Renewable Energy has an average rating of “Moderate Buy” and an average target price of $20.25.

Enlight Renewable Energy Trading Down 0.1%

The stock has a 50 day moving average price of $17.11 and a 200-day moving average price of $16.81. The stock has a market capitalization of $2.28 billion, a PE ratio of 54.72 and a beta of 1.24. The company has a current ratio of 1.22, a quick ratio of 0.53 and a debt-to-equity ratio of 1.98.

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

Hedge Funds Weigh In On Enlight Renewable Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meitav Investment House Ltd. boosted its holdings in Enlight Renewable Energy by 4.0% in the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock valued at $101,910,000 after purchasing an additional 229,255 shares during the last quarter. Vanguard Group Inc. lifted its position in Enlight Renewable Energy by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 4,158,533 shares of the company’s stock valued at $71,926,000 after buying an additional 35,555 shares during the last quarter. Norges Bank purchased a new position in Enlight Renewable Energy during the 4th quarter valued at about $3,631,000. Phoenix Financial Ltd. raised its stake in shares of Enlight Renewable Energy by 42.2% in the fourth quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock valued at $21,634,000 after acquiring an additional 372,403 shares in the last quarter. Finally, USS Investment Management Ltd acquired a new stake in shares of Enlight Renewable Energy in the 4th quarter valued at $985,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

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.