Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Time to Sell?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) shares gapped down before the market opened on Thursday . The stock had previously closed at $72.51, but opened at $68.70. Enlight Renewable Energy shares last traded at $69.0690, with a volume of 52,910 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ENLT. Weiss Ratings cut shares of Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 18th. Truist Financial began coverage on shares of Enlight Renewable Energy in a research note on Monday, July 13th. They set a “buy” rating and a $106.00 price target on the stock. UBS Group reduced their price objective on shares of Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Tuesday, July 7th. Barclays lifted their price objective on Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Finally, Wall Street Zen cut Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Enlight Renewable Energy currently has a consensus rating of “Hold” and an average target price of $75.00.

Enlight Renewable Energy Price Performance

The company has a debt-to-equity ratio of 2.31, a current ratio of 1.12 and a quick ratio of 1.12. The company has a 50-day simple moving average of $81.11 and a 200-day simple moving average of $83.25. The stock has a market cap of $8.11 billion, a PE ratio of 110.28, a PEG ratio of 57.49 and a beta of 1.65.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its earnings results on Tuesday, June 30th. The company reported $0.20 EPS for the quarter. Enlight Renewable Energy had a net margin of 12.35% and a return on equity of 3.52%. The company had revenue of $165.99 million for the quarter. Sell-side analysts anticipate that Enlight Renewable Energy Ltd. will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Enlight Renewable Energy news, insider Amit Paz sold 2,221 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $73.94, for a total transaction of $164,220.74. Following the transaction, the insider directly owned 277,462 shares in the company, valued at approximately $20,515,540.28. This represents a 0.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently modified their holdings of ENLT. Altshuler Shaham Ltd raised its holdings in Enlight Renewable Energy by 705.5% during the first quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock worth $311,645,000 after purchasing an additional 4,127,573 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd grew its holdings in shares of Enlight Renewable Energy by 18.2% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock worth $774,113,000 after buying an additional 1,797,936 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Enlight Renewable Energy by 68.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock valued at $66,126,000 after purchasing an additional 404,304 shares during the period. Norges Bank purchased a new stake in shares of Enlight Renewable Energy in the fourth quarter valued at $17,875,000. Finally, Bank of America Corp DE grew its holdings in Enlight Renewable Energy by 376.4% in the first quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock valued at $32,511,000 after purchasing an additional 376,309 shares during the period. 38.89% of the stock is currently owned by institutional investors and hedge funds.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd. is a renewable energy company that develops, finances, constructs, owns and operates utility-scale clean energy projects. Its activities focus primarily on solar photovoltaic, wind energy and energy storage systems, with projects designed to generate electricity and support the reliability and flexibility of power grids.

The company manages projects across multiple stages of the renewable energy value chain, including site development, permitting, power purchase arrangements, construction and long-term operation.