Enlight Renewable Energy (NASDAQ:ENLT) Sees Large Volume Increase After Analyst Upgrade

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) saw unusually-strong trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $17.00 to $18.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Approximately 73,699 shares traded hands during trading, an increase of 328% from the previous session’s volume of 17,220 shares.The stock last traded at $16.36 and had previously closed at $16.46.

Separately, Barclays increased their price objective on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th.

Hedge Funds Weigh In On Enlight Renewable Energy

Several large investors have recently added to or reduced their stakes in ENLT. Advisors Asset Management Inc. increased its stake in Enlight Renewable Energy by 1,181.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock valued at $241,000 after buying an additional 13,150 shares during the last quarter. Susquehanna International Group Ltd. purchased a new stake in shares of Enlight Renewable Energy during the 2nd quarter worth approximately $253,000. Tidal Investments LLC grew its stake in Enlight Renewable Energy by 11.3% in the 3rd quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock valued at $308,000 after buying an additional 1,852 shares in the last quarter. Barclays PLC grew its stake 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 purchased a new position in Enlight Renewable Energy in the 3rd quarter valued at approximately $655,000. Institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Price Performance

The firm has a market capitalization of $1.89 billion, a PE ratio of 36.84 and a beta of 1.53. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.53 and a current ratio of 0.53. The business’s 50 day moving average is $16.61 and its two-hundred day moving average is $16.19.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Wednesday, November 13th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.09. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The business had revenue of $109.50 million during the quarter, compared to analyst estimates of $83.09 million. During the same period in the previous year, the business earned $0.13 EPS. Enlight Renewable Energy’s revenue was up 87.8% compared to the same quarter last year. Equities research analysts anticipate that Enlight Renewable Energy Ltd will post 0.07 earnings per share for the current fiscal year.

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.