Enlight Renewable Energy Ltd (NASDAQ:ENLT) Sees Large Decline in Short Interest

Enlight Renewable Energy Ltd (NASDAQ:ENLT) was the recipient of a large drop in short interest in December. As of December 15th, there was short interest totalling 92,100 shares, a drop of 11.3% from the November 30th total of 103,800 shares. Based on an average daily trading volume, of 15,300 shares, the days-to-cover ratio is presently 6.0 days. Currently, 0.1% of the shares of the company are short sold.

Enlight Renewable Energy Stock Performance

Shares of ENLT stock opened at $17.20 on Monday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 39.09 and a beta of 1.69. Enlight Renewable Energy has a 52 week low of $14.09 and a 52 week high of $19.81. The firm’s 50-day simple moving average is $16.15 and its two-hundred day simple moving average is $16.06.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Advisors Asset Management Inc. lifted its position in shares of Enlight Renewable Energy by 1,181.5% during the third quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock worth $241,000 after acquiring an additional 13,150 shares in the last quarter. Susquehanna International Group Ltd. purchased a new position in shares of Enlight Renewable Energy during the 2nd quarter valued at about $253,000. Tidal Investments LLC boosted its stake in shares of Enlight Renewable Energy by 11.3% in 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. Barclays PLC grew its stake in shares of Enlight Renewable Energy by 4,278.2% during the third quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after buying an additional 24,942 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Enlight Renewable Energy in the third quarter worth approximately $655,000. 38.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Barclays boosted their price objective on 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 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.