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

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares gapped down before the market opened on Wednesday . The stock had previously closed at $17.50, but opened at $16.57. Enlight Renewable Energy shares last traded at $16.65, with a volume of 7,534 shares traded.

Wall Street Analysts Forecast Growth

ENLT has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their target price on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday. Barclays lifted their target price on Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, November 15th.

Enlight Renewable Energy Stock Performance

The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.64. The stock’s fifty day moving average is $16.61 and its two-hundred day moving average is $16.19. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 36.86 and a beta of 1.53.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) 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 company had revenue of $109.50 million for the quarter, compared to analysts’ expectations of $83.09 million. During the same period in the prior year, the firm earned $0.13 EPS. Enlight Renewable Energy’s quarterly revenue was up 87.8% compared to the same quarter last year. On average, analysts predict that Enlight Renewable Energy Ltd will post 0.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Advisors Asset Management Inc. raised 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 acquiring an additional 13,150 shares during the period. Susquehanna International Group Ltd. bought a new position in shares of Enlight Renewable Energy in the second quarter valued at about $253,000. Tidal Investments LLC raised its position in shares of 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 purchasing an additional 1,852 shares during the period. Barclays PLC lifted its stake in shares of Enlight Renewable Energy by 4,278.2% during the 3rd quarter. Barclays PLC now owns 25,525 shares of the company’s stock worth $432,000 after buying an additional 24,942 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Enlight Renewable Energy during the 3rd quarter worth about $655,000. 38.89% of the stock is currently owned by institutional investors.

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.