Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Here’s Why

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) gapped down before the market opened on Thursday . The stock had previously closed at $16.37, but opened at $15.71. Enlight Renewable Energy shares last traded at $15.75, with a volume of 836 shares changing hands.

Analyst Ratings Changes

Separately, Barclays lifted 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 note on Friday, November 15th.

Enlight Renewable Energy Price Performance

The firm has a 50 day moving average of $16.02 and a 200-day moving average of $16.10. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.64. The company has a market cap of $1.81 billion, a P/E ratio of 35.68 and a beta of 1.69.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.09. The firm had revenue of $109.50 million for the quarter, compared to analysts’ expectations of $83.09 million. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The company’s revenue for the quarter was up 87.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 earnings per share. On average, equities research analysts predict that Enlight Renewable Energy Ltd will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Clal Insurance Enterprises Holdings Ltd increased its holdings in shares of Enlight Renewable Energy by 4.2% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock worth $147,885,000 after buying an additional 353,750 shares during the last quarter. Y.D. More Investments Ltd raised its holdings 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 worth $31,166,000 after buying an additional 1,955,345 shares during the period. Geode Capital Management LLC lifted its stake in shares of 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 purchasing an additional 907 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Enlight Renewable Energy during the third quarter valued at about $655,000. Finally, Barclays PLC grew 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. 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.