Truist Financial Issues Pessimistic Forecast for Enlight Renewable Energy (NASDAQ:ENLT) Stock Price

Enlight Renewable Energy (NASDAQ:ENLT) had its price target reduced by equities research analysts at Truist Financial from $106.00 to $104.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 52.00% from the stock’s previous close.

Other analysts also recently issued reports about the company. Barclays increased their price target on Enlight Renewable Energy from $83.00 to $89.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Wall Street Zen downgraded Enlight Renewable Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Weiss Ratings lowered Enlight Renewable Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, September 18th. Finally, UBS Group dropped their target price on Enlight Renewable Energy from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Enlight Renewable Energy currently has an average rating of “Hold” and an average price target of $74.71.

Enlight Renewable Energy Trading Down 1.5%

ENLT stock traded down $1.05 during midday trading on Monday, reaching $68.42. 30,973 shares of the company’s stock traded hands, compared to its average volume of 187,422. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.12 and a quick ratio of 1.12. Enlight Renewable Energy has a fifty-two week low of $29.28 and a fifty-two week high of $108.65. The business has a 50-day moving average price of $80.28 and a two-hundred day moving average price of $83.13. The company has a market capitalization of $8.11 billion, a P/E ratio of 110.40, a PEG ratio of 54.31 and a beta of 1.65.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Tuesday, June 30th. The company reported $0.20 earnings per share (EPS) for the quarter. The company had revenue of $165.99 million during the quarter. Enlight Renewable Energy had a net margin of 12.35% and a return on equity of 3.52%. Equities research analysts forecast that Enlight Renewable Energy will post 0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Amit Paz sold 2,221 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $73.94, for a total transaction of $164,220.74. Following the completion of the sale, the insider directly owned 277,462 shares of the company’s stock, valued at approximately $20,515,540.28. This trade represents a 0.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new position in Enlight Renewable Energy in the 2nd quarter valued at about $26,000. Versant Capital Management Inc purchased a new stake in shares of Enlight Renewable Energy during the second quarter worth about $34,000. State of Wyoming acquired a new position in shares of Enlight Renewable Energy in the first quarter worth about $41,000. Walleye Capital LLC acquired a new position in shares of Enlight Renewable Energy in the first quarter worth about $240,000. Finally, Savant Capital LLC purchased a new position in Enlight Renewable Energy in the fourth quarter valued at about $241,000. Institutional investors and hedge funds own 38.89% of the company’s stock.

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.