Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up Following Earnings Beat

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $17.05, but opened at $17.87. Enlight Renewable Energy shares last traded at $17.94, with a volume of 10,088 shares traded.

The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.34% and a net margin of 13.58%.

Analyst Upgrades and Downgrades

Several analysts recently commented on ENLT shares. JPMorgan Chase & Co. raised their price target on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Barclays lifted their target price on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, November 15th.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. grew its stake in shares of Enlight Renewable Energy by 51.0% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock valued at $32,000 after buying an additional 625 shares in the last quarter. Geode Capital Management LLC grew its position in Enlight Renewable Energy by 0.9% in the third quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock worth $1,751,000 after acquiring an additional 907 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Enlight Renewable Energy by 2.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 39,872 shares of the company’s stock worth $690,000 after purchasing an additional 947 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of Enlight Renewable Energy by 11.3% during the 3rd 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 in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Enlight Renewable Energy by 0.6% during the 4th quarter. Deutsche Bank AG now owns 425,693 shares of the company’s stock valued at $7,343,000 after purchasing an additional 2,748 shares in the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

Enlight Renewable Energy Stock Performance

The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 40.39 and a beta of 1.51. The firm’s 50 day moving average is $16.70 and its 200-day moving average is $16.26. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.53 and a current ratio of 0.53.

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.