Enlight Renewable Energy (NASDAQ:ENLT) Sees Large Volume Increase After Better-Than-Expected Earnings

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) saw unusually-high trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 19,114 shares traded hands during mid-day trading, an increase of 9% from the previous session’s volume of 17,530 shares.The stock last traded at $18.06 and had previously closed at $17.77.

The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.17. The business had revenue of $114.21 million during the quarter, compared to the consensus estimate of $289.04 million. Enlight Renewable Energy had a return on equity of 3.02% and a net margin of 11.09%.

Analyst Upgrades and Downgrades

ENLT has been the subject of a number of analyst reports. Wolfe Research downgraded Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Finally, Barclays boosted their target price on Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th.

Hedge Funds Weigh In On Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Y.D. More Investments Ltd lifted its stake in Enlight Renewable Energy by 18.6% in the fourth quarter. Y.D. More Investments Ltd now owns 3,068,179 shares of the company’s stock valued at $53,043,000 after purchasing an additional 482,129 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in Enlight Renewable Energy in the third quarter valued at approximately $4,901,000. Barclays PLC lifted its stake in Enlight Renewable Energy by 4,278.2% in the third quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after purchasing an additional 24,942 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Enlight Renewable Energy in the third quarter valued at approximately $655,000. Finally, 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 purchasing an additional 353,750 shares during the last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Trading Down 0.4 %

The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.64. The firm has a 50 day moving average of $16.74 and a 200 day moving average of $16.27. The firm has a market cap of $2.05 billion, a PE ratio of 49.86 and a beta of 1.51.

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.