Enlight Renewable Energy (NASDAQ:ENLT) Trading Down 8.3% – Here’s Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price traded down 8.3% during mid-day trading on Wednesday . The stock traded as low as $14.95 and last traded at $14.95. 1,131 shares were traded during mid-day trading, a decline of 96% from the average session volume of 25,711 shares. The stock had previously closed at $16.31.

Analysts Set New Price Targets

Several brokerages have issued reports on ENLT. Barclays raised their price objective 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. Roth Mkm restated a “buy” rating and set a $20.00 price objective on shares of Enlight Renewable Energy in a research report on Wednesday, August 14th.

Enlight Renewable Energy Price Performance

The company’s fifty day moving average price is $15.90 and its 200 day moving average price is $16.32. The company has a market capitalization of $1.86 billion, a P/E ratio of 36.59 and a beta of 1.71. 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 announced its quarterly earnings data 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. The business 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 firm’s quarterly revenue was up 87.8% compared to the same quarter last year. During the same period last year, the firm posted $0.13 earnings per share. As a group, sell-side analysts forecast that Enlight Renewable Energy Ltd will post 0.18 EPS for the current year.

Institutional Trading of Enlight Renewable Energy

A number of hedge funds and other institutional investors have recently modified their holdings of ENLT. Advisors Asset Management Inc. lifted its holdings 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 purchasing an additional 13,150 shares during the period. Tidal Investments LLC acquired a new position in shares of Enlight Renewable Energy during the first quarter worth $254,000. Susquehanna International Group Ltd. acquired a new position in shares of Enlight Renewable Energy during the second quarter worth $253,000. Quadrature Capital Ltd acquired a new position in shares of Enlight Renewable Energy during the first quarter worth $377,000. Finally, Barclays PLC lifted its holdings 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 worth $432,000 after purchasing an additional 24,942 shares during the period. Institutional investors own 38.89% of the company’s stock.

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.