Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Should You Sell?

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) gapped down before the market opened on Monday . The stock had previously closed at $16.84, but opened at $16.29. Enlight Renewable Energy shares last traded at $16.76, with a volume of 1,373 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ENLT. Roth Mkm reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Enlight Renewable Energy in a research report on Wednesday, August 14th. Barclays upped their price target on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th.

Enlight Renewable Energy Trading Down 3.8 %

The stock has a market cap of $1.87 billion, a P/E ratio of 38.27 and a beta of 1.71. The firm’s 50 day simple moving average is $15.96 and its two-hundred day simple moving average is $16.23. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.64.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.09. Enlight Renewable Energy had a return on equity of 3.34% and a net margin of 13.58%. The firm had revenue of $109.50 million during the quarter, compared to analyst estimates of $83.09 million. During the same period last year, the company posted $0.13 EPS. The firm’s quarterly revenue was up 87.8% on a year-over-year basis. As a group, equities research analysts predict that Enlight Renewable Energy Ltd will post 0.15 earnings per share for the current fiscal year.

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 ENLT. Clal Insurance Enterprises Holdings Ltd lifted its stake in 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 valued at $147,885,000 after acquiring an additional 353,750 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Enlight Renewable Energy by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 4,001,391 shares of the company’s stock worth $67,704,000 after purchasing an additional 29,249 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Enlight Renewable Energy by 3.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,619,180 shares of the company’s stock valued at $42,326,000 after purchasing an additional 76,873 shares during the last quarter. Y.D. More Investments Ltd raised its position in shares of Enlight Renewable Energy by 94,919.7% in the second quarter. Y.D. More Investments Ltd now owns 1,957,405 shares of the company’s stock valued at $31,166,000 after purchasing an additional 1,955,345 shares during the period. Finally, Geode Capital Management LLC lifted its position in Enlight Renewable Energy by 0.9% during the 3rd 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 during the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

About Enlight Renewable Energy

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.