Enlight Renewable Energy (NASDAQ:ENLT) Sees Strong Trading Volume on Strong Earnings

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares saw unusually-strong trading volume on Thursday following a better than expected earnings announcement. Approximately 19,114 shares traded hands during trading, an increase of 9% from the previous session’s volume of 17,530 shares.The stock last traded at $18.06 and had previously closed at $17.77.

The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.34% and a net margin of 13.58%. The company had revenue of $114.21 million for the quarter, compared to analyst estimates of $289.04 million.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ENLT shares. Barclays upped 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. Wolfe Research lowered Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a report on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd.

Institutional Trading of Enlight Renewable Energy

A number of hedge funds have recently modified their holdings of ENLT. Y.D. More Investments Ltd boosted its stake in shares of Enlight Renewable Energy by 18.6% in the fourth quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock worth $53,043,000 after buying an additional 482,129 shares during the last quarter. Phoenix Financial Ltd. boosted its stake in shares of Enlight Renewable Energy by 42.2% in the fourth quarter. Phoenix Financial Ltd. now owns 1,254,495 shares of the company’s stock worth $21,634,000 after buying an additional 372,403 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of Enlight Renewable Energy by 4.2% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock worth $147,885,000 after buying an additional 353,750 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Enlight Renewable Energy in the third quarter worth about $4,901,000. Finally, Meitav Investment House Ltd. boosted its stake in shares of Enlight Renewable Energy by 4.0% in the fourth quarter. Meitav Investment House Ltd. now owns 5,901,179 shares of the company’s stock worth $101,910,000 after buying an additional 229,255 shares during the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Stock Up 1.4 %

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 has a market cap of $2.08 billion, a PE ratio of 40.96 and a beta of 1.51. The business has a 50 day moving average price of $16.74 and a 200 day moving average price of $16.27.

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.