Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Down 9.3% – Here’s What Happened

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price traded down 9.3% on Wednesday . The company traded as low as $14.94 and last traded at $14.94. 7,091 shares were traded during mid-day trading, a decline of 73% from the average session volume of 26,253 shares. The stock had previously closed at $16.48.

Wall Street Analyst Weigh In

Separately, Roth Mkm restated a “buy” rating and set a $20.00 price objective on shares of Enlight Renewable Energy in a research report on Wednesday, August 14th.

Enlight Renewable Energy Trading Down 8.4 %

The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The business has a 50 day moving average price of $15.96 and a 200-day moving average price of $16.36. The firm has a market capitalization of $1.75 billion, a PE ratio of 33.56 and a beta of 1.71.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.07. Enlight Renewable Energy had a return on equity of 3.97% and a net margin of 18.61%. The firm had revenue of $84.70 million during the quarter, compared to analysts’ expectations of $76.23 million. During the same quarter in the prior year, the business posted $0.12 earnings per share. Enlight Renewable Energy’s revenue was up 61.0% compared to the same quarter last year. Analysts expect that Enlight Renewable Energy Ltd will post 0.26 earnings per share for the current year.

Institutional Trading of Enlight Renewable Energy

Several hedge funds and other institutional investors have recently made changes to their positions in ENLT. Tidal Investments LLC purchased a new position in Enlight Renewable Energy in the first quarter valued at about $254,000. Susquehanna International Group Ltd. acquired a new position in Enlight Renewable Energy during the second quarter worth $253,000. Capstone Investment Advisors LLC boosted its position in Enlight Renewable Energy by 9.0% during the first quarter. Capstone Investment Advisors LLC now owns 21,800 shares of the company’s stock worth $369,000 after purchasing an additional 1,800 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Enlight Renewable Energy in the first quarter valued at $377,000. Finally, Swiss National Bank increased its position in shares of Enlight Renewable Energy by 1.3% in the first quarter. Swiss National Bank now owns 236,337 shares of the company’s stock valued at $3,954,000 after buying an additional 3,045 shares in the last quarter. Institutional investors and hedge funds 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.