Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Breaks Above 50-Day Moving Average – Should You Sell?

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $72.84 and traded as high as $73.47. Enlight Renewable Energy shares last traded at $73.30, with a volume of 192,104 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have commented on ENLT shares. UBS Group reduced their price objective on Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Tuesday, July 7th. Wall Street Zen downgraded Enlight Renewable Energy from a “hold” rating to a “sell” rating in a report on Sunday. JPMorgan Chase & Co. reduced their price target on Enlight Renewable Energy from $80.00 to $65.00 and set an “underweight” rating on the stock in a research report on Monday, October 19th. Barclays boosted their price target on Enlight Renewable Energy from $83.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, Mizuho decreased their price target on Enlight Renewable Energy from $45.00 to $41.00 and set an “underperform” rating for the company in a report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $74.86.

Enlight Renewable Energy Stock Performance

The company has a market capitalization of $8.17 billion, a price-to-earnings ratio of 125.61, a price-to-earnings-growth ratio of 22.38 and a beta of 1.70. The company has a debt-to-equity ratio of 2.31, a quick ratio of 1.12 and a current ratio of 1.12. The company’s fifty day simple moving average is $72.29 and its two-hundred day simple moving average is $77.50.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings data on Tuesday, June 30th. The company reported $0.20 earnings per share for the quarter. Enlight Renewable Energy had a return on equity of 3.52% and a net margin of 12.35%. The firm had revenue of $165.99 million during the quarter. Equities research analysts predict that Enlight Renewable Energy Ltd. will post 0.39 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Ilan Goren sold 2,700 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $64.81, for a total transaction of $174,987.00. Following the completion of the sale, the insider directly owned 40,135 shares of the company’s stock, valued at $2,601,149.35. This represents a 6.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Amit Paz sold 4,329 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $76.57, for a total value of $331,471.53. Following the completion of the transaction, the insider owned 279,683 shares in the company, valued at $21,415,327.31. This represents a 1.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 10,526 shares of company stock worth $755,406.

Institutional Trading of Enlight Renewable Energy

Institutional investors have recently made changes to their positions in the stock. Clal Insurance Enterprises Holdings Ltd increased its position in Enlight Renewable Energy by 18.2% in the 1st quarter. Clal Insurance Enterprises Holdings Ltd now owns 11,688,077 shares of the company’s stock worth $774,113,000 after purchasing an additional 1,797,936 shares during the last quarter. Altshuler Shaham Ltd lifted its holdings in shares of Enlight Renewable Energy by 705.5% during the 1st quarter. Altshuler Shaham Ltd now owns 4,712,641 shares of the company’s stock valued at $311,645,000 after buying an additional 4,127,573 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Enlight Renewable Energy by 68.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 995,347 shares of the company’s stock valued at $66,126,000 after buying an additional 404,304 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Enlight Renewable Energy by 376.4% during the 1st quarter. Bank of America Corp DE now owns 476,289 shares of the company’s stock valued at $32,511,000 after buying an additional 376,309 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Enlight Renewable Energy by 1.3% in the 1st quarter. Swiss National Bank now owns 264,220 shares of the company’s stock valued at $17,477,000 after buying an additional 3,273 shares in the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd. (NASDAQ: ENLT) is a renewable energy company that develops, finances, constructs, owns and operates clean energy projects. Its activities include utility-scale solar photovoltaic, wind power and energy storage projects.

The company manages projects across multiple stages of the renewable energy lifecycle, from development and permitting through construction and long-term operation. Its portfolio and development activities span Israel, the United States and selected European markets.

Founded in 1988, Enlight is headquartered in Israel and is also listed on the Tel Aviv Stock Exchange.