Enlight Renewable Energy Ltd. (NASDAQ:ENLT) Short Interest Down 18.7% in December

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) was the target of a significant drop in short interest in December. As of December 31st, there was short interest totaling 76,362 shares, a drop of 18.7% from the December 15th total of 93,875 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average trading volume of 36,723 shares, the days-to-cover ratio is presently 2.1 days. Based on an average trading volume of 36,723 shares, the days-to-cover ratio is presently 2.1 days. Approximately 0.1% of the shares of the stock are short sold.

Enlight Renewable Energy Stock Performance

Shares of ENLT traded up $2.68 during mid-day trading on Tuesday, hitting $53.88. 144,288 shares of the company’s stock were exchanged, compared to its average volume of 71,241. The stock’s 50-day moving average is $42.88 and its 200-day moving average is $33.88. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.91. Enlight Renewable Energy has a fifty-two week low of $14.01 and a fifty-two week high of $54.43.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its earnings results on Wednesday, November 12th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.09. Enlight Renewable Energy had a net margin of 22.60% and a return on equity of 7.41%. The firm had revenue of $165.06 million for the quarter, compared to the consensus estimate of $146.04 million. On average, analysts forecast that Enlight Renewable Energy will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Enlight Renewable Energy

Several institutional investors have recently modified their holdings of ENLT. Clal Insurance Enterprises Holdings Ltd raised its stake in Enlight Renewable Energy by 2.1% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,247,031 shares of the company’s stock valued at $253,986,000 after acquiring an additional 173,009 shares during the last quarter. Meitav Investment House Ltd. raised its stake in shares of Enlight Renewable Energy by 0.3% during the second quarter. Meitav Investment House Ltd. now owns 5,668,798 shares of the company’s stock worth $128,607,000 after purchasing an additional 19,582 shares during the last quarter. Y.D. More Investments Ltd raised its stake in shares of Enlight Renewable Energy by 50.5% during the third quarter. Y.D. More Investments Ltd now owns 5,584,817 shares of the company’s stock worth $172,143,000 after purchasing an additional 1,875,084 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Enlight Renewable Energy by 1.6% during the third quarter. Vanguard Group Inc. now owns 4,447,614 shares of the company’s stock worth $136,800,000 after purchasing an additional 70,338 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in Enlight Renewable Energy by 3.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,722,610 shares of the company’s stock valued at $84,837,000 after buying an additional 103,430 shares during the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ENLT. Roth Capital lifted their price target on shares of Enlight Renewable Energy from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. UBS Group upped their price target on Enlight Renewable Energy to $65.00 and gave the company a “buy” rating in a research note on Friday. Weiss Ratings reissued a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Monday, December 29th. Mizuho boosted their price objective on shares of Enlight Renewable Energy from $24.00 to $27.00 and gave the company an “underperform” rating in a report on Monday, November 17th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $38.00 target price on shares of Enlight Renewable Energy in a research note on Wednesday, January 7th. Three research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $41.83.

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.