Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Here’s What Happened

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $17.69, but opened at $17.00. Enlight Renewable Energy shares last traded at $17.01, with a volume of 810 shares traded.

Analysts Set New Price Targets

ENLT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Wolfe Research lowered shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 20th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Enlight Renewable Energy in a research note on Thursday, March 6th. They set a “buy” rating and a $22.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.25.

Enlight Renewable Energy Stock Performance

The company has a market cap of $1.96 billion, a price-to-earnings ratio of 47.17 and a beta of 1.38. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.53 and a current ratio of 1.22. The stock’s fifty day simple moving average is $16.82 and its two-hundred day simple moving average is $16.39.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.17. The business had revenue of $114.21 million for the quarter, compared to analyst estimates of $289.04 million. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. Equities research analysts anticipate that Enlight Renewable Energy Ltd will post 0.41 EPS for the current year.

Hedge Funds Weigh In On Enlight Renewable Energy

Hedge funds have recently added to or reduced their stakes in the company. Edmond DE Rothschild Holding S.A. raised its stake in Enlight Renewable Energy by 51.0% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock valued at $32,000 after purchasing an additional 625 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Enlight Renewable Energy in the fourth quarter worth about $145,000. Jane Street Group LLC acquired a new position in shares of Enlight Renewable Energy in the 4th quarter valued at $196,000. Advisors Asset Management Inc. boosted its stake in Enlight Renewable Energy by 1,181.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock worth $241,000 after acquiring an additional 13,150 shares during the last quarter. Finally, Tidal Investments LLC grew its stake in Enlight Renewable Energy by 11.3% in the third quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock valued at $308,000 after acquiring an additional 1,852 shares during the period. 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.