Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Down 7.1% – Here’s What Happened

by · The Markets Daily

Enlight Renewable Energy Ltd. (NASDAQ:ENLT – Get Free Report) shares traded down 7.1% during mid-day trading on Wednesday . The company traded as low as $83.48 and last traded at $84.10. Approximately 55,650 shares traded hands during trading, a decline of 70% from the average session volume of 187,686 shares. The stock had previously closed at $90.54.

Analysts Set New Price Targets

ENLT has been the subject of several recent analyst reports. Truist Financial started coverage on shares of Enlight Renewable Energy in a research note on Monday, July 13th. They set a “buy” rating and a $106.00 price objective for the company. UBS Group lowered their target price on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Weiss Ratings raised shares of Enlight Renewable Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Barclays boosted their price target on shares of Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Finally, Wall Street Zen raised shares of Enlight Renewable Energy from a “sell” rating to a “hold” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $75.00.

View Our Latest Stock Report on ENLT

Enlight Renewable Energy Stock Up 0.7%

The company has a market cap of $10.08 billion, a PE ratio of 136.41, a PEG ratio of 22.37 and a beta of 1.68. The stock’s 50 day moving average price is $89.22 and its 200-day moving average price is $79.76. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.77 and a current ratio of 1.12.

Enlight Renewable Energy (NASDAQ:ENLT – Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. The firm had revenue of $165.99 million during the quarter. Enlight Renewable Energy had a return on equity of 3.52% and a net margin of 12.35%. On average, analysts predict that Enlight Renewable Energy Ltd. will post 0.28 earnings per share for the current year.

Insider Transactions at Enlight Renewable Energy

In other news, Chairman Gilad Yavetz sold 100,000 shares of Enlight Renewable Energy stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $91.78, for a total transaction of $9,178,000.00. Following the completion of the transaction, the chairman directly owned 846,436 shares in the company, valued at approximately $77,685,896.08. This trade represents a 10.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Yair Seroussi sold 14,372 shares of Enlight Renewable Energy stock in a transaction on Monday, May 25th. The shares were sold at an average price of $93.34, for a total value of $1,341,482.48. Following the transaction, the insider owned 14,233 shares of the company’s stock, valued at $1,328,508.22. The trade was a 50.24% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 287,322 shares of company stock worth $27,452,472.

Institutional Trading of Enlight Renewable Energy

Institutional investors have recently added to or reduced their stakes in the business. Amundi increased its position in Enlight Renewable Energy by 2.3% during the first quarter. Amundi now owns 74,681 shares of the company’s stock valued at $1,160,000 after acquiring an additional 1,647 shares during the last quarter. Geode Capital Management LLC boosted its position in Enlight Renewable Energy by 0.7% in the second quarter. Geode Capital Management LLC now owns 108,157 shares of the company’s stock worth $2,458,000 after purchasing an additional 773 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Enlight Renewable Energy during the 2nd quarter valued at about $815,000. First Trust Advisors LP grew its stake in shares of Enlight Renewable Energy by 9.6% during the 2nd quarter. First Trust Advisors LP now owns 70,516 shares of the company’s stock valued at $1,600,000 after purchasing an additional 6,201 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of 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 valued at $6,348,000 after purchasing an additional 24,653 shares during the last quarter. 38.89% of the stock is currently owned by hedge funds and other institutional investors.

About Enlight Renewable Energy

(Get Free Report)

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.

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