Enlight Renewable Energy (NASDAQ:ENLT) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares saw unusually-strong trading volume on Thursday following a stronger than expected earnings report. Approximately 19,114 shares changed hands during 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 for the quarter, beating the consensus estimate of ($0.13) by $0.17. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The firm had revenue of $114.21 million during the quarter, compared to the consensus estimate of $289.04 million.

Analyst Ratings Changes

A number of brokerages recently commented on ENLT. JPMorgan Chase & Co. raised their target price on Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Wolfe Research lowered shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday. Finally, Barclays upped their target price 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.

Institutional Investors Weigh In On Enlight Renewable Energy

Large investors have recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. grew its position in shares of Enlight Renewable Energy by 51.0% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock worth $32,000 after buying an additional 625 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Enlight Renewable Energy during the 4th quarter worth approximately $145,000. Jane Street Group LLC purchased a new stake in shares of Enlight Renewable Energy in the 4th quarter valued at approximately $196,000. Advisors Asset Management Inc. raised its holdings in shares of Enlight Renewable Energy by 1,181.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock valued at $241,000 after purchasing an additional 13,150 shares in the last quarter. Finally, Tidal Investments LLC lifted its position in shares of 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 last quarter. Hedge funds and other institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Trading Up 2.0 %

The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 41.20 and a beta of 1.51. The business’s 50 day moving average is $16.70 and its 200 day moving average is $16.26. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.53 and a quick ratio of 0.53.

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.