Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Down 4.4% – Here’s Why

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) fell 4.4% on Thursday . The stock traded as low as $16.29 and last traded at $16.24. 2,168 shares changed hands during trading, a decline of 87% from the average session volume of 17,226 shares. The stock had previously closed at $16.98.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ENLT shares. Wolfe Research lowered Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Enlight Renewable Energy in a research note on Thursday, March 6th. They issued a “buy” rating and a $22.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.25.

Enlight Renewable Energy Stock Performance

The stock’s 50-day moving average price is $16.80 and its 200 day moving average price is $16.39. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.22 and a quick ratio of 0.53. The firm has a market cap of $1.87 billion, a P/E ratio of 44.92 and a beta of 1.38.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.17. The company had revenue of $114.21 million for the quarter, compared to analysts’ expectations of $289.04 million. Enlight Renewable Energy had a return on equity of 3.03% and a net margin of 11.09%. As a group, equities analysts predict that Enlight Renewable Energy Ltd will post 0.41 EPS for the current year.

Institutional Trading of Enlight Renewable Energy

Several institutional investors and hedge funds have recently bought and sold shares of ENLT. Edmond DE Rothschild Holding S.A. increased its holdings in shares of Enlight Renewable Energy by 51.0% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company’s stock valued at $32,000 after purchasing an additional 625 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Enlight Renewable Energy during the fourth quarter worth $145,000. Jane Street Group LLC bought a new position in Enlight Renewable Energy during the fourth quarter worth about $196,000. Advisors Asset Management Inc. grew its position in shares of 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 purchasing an additional 13,150 shares in the last quarter. Finally, Tidal Investments LLC boosted its stake in shares of Enlight Renewable Energy by 11.3% in the third quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock valued at $308,000 after buying an additional 1,852 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.