Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up – Should You Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $15.81, but opened at $16.36. Enlight Renewable Energy shares last traded at $16.29, with a volume of 3,179 shares traded.

Analysts Set New Price Targets

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

Enlight Renewable Energy Stock Performance

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 stock’s 50-day simple moving average is $16.59 and its 200 day simple moving average is $16.19. The company has a market capitalization of $1.86 billion, a PE ratio of 37.18 and a beta of 1.53.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping 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 company had revenue of $109.50 million during the quarter, compared to the consensus estimate of $83.09 million. During the same period in the previous year, the business earned $0.13 EPS. Enlight Renewable Energy’s revenue for the quarter was up 87.8% on a year-over-year basis. As a group, research analysts expect that Enlight Renewable Energy Ltd will post 0.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enlight Renewable Energy

Hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its stake in Enlight Renewable Energy by 1,181.5% during the 3rd 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. Tidal Investments LLC boosted its stake in Enlight Renewable Energy by 11.3% during the 3rd quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock worth $308,000 after purchasing an additional 1,852 shares during the period. Barclays PLC increased 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 period. Public Employees Retirement System of Ohio purchased a new position in shares of Enlight Renewable Energy during the third quarter worth about $655,000. Finally, Geode Capital Management LLC increased its position in Enlight Renewable Energy by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock valued at $1,751,000 after acquiring an additional 907 shares during the period. 38.89% of the stock is currently owned by hedge funds and other institutional investors.

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.