Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Here’s Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares gapped up before the market opened on Friday . The stock had previously closed at $16.10, but opened at $16.61. Enlight Renewable Energy shares last traded at $16.84, with a volume of 4,817 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Roth Mkm reiterated a “buy” rating and issued a $20.00 price target on shares of Enlight Renewable Energy in a report on Wednesday, August 14th. Barclays lifted their price objective on Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, November 15th.

Enlight Renewable Energy Price Performance

The firm has a 50-day moving average of $15.96 and a 200-day moving average of $16.24. The stock has a market cap of $1.95 billion, a PE ratio of 38.27 and a beta of 1.71. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.53 and a quick ratio of 0.53.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.09. The business had revenue of $109.50 million during the quarter, compared to analyst estimates of $83.09 million. Enlight Renewable Energy had a return on equity of 3.34% and a net margin of 13.58%. The company’s revenue for the quarter was up 87.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.13 earnings per share. Research analysts predict that Enlight Renewable Energy Ltd will post 0.15 EPS for the current year.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. increased its stake in shares of Enlight Renewable Energy by 1,181.5% in the third 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 period. Susquehanna International Group Ltd. purchased a new position in shares of Enlight Renewable Energy in the second quarter worth about $253,000. Tidal Investments LLC purchased a new stake in shares of Enlight Renewable Energy in the first quarter valued at approximately $254,000. Barclays PLC grew its holdings in Enlight Renewable Energy by 4,278.2% in the 3rd quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after buying an additional 24,942 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Enlight Renewable Energy during the third quarter worth about $655,000. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile

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.