Enlight Renewable Energy (NASDAQ:ENLT) Stock Price Up 6% Following Strong Earnings

Enlight Renewable Energy Ltd (NASDAQ:ENLT) shares rose 6% on Tuesday following a stronger than expected earnings report. The stock traded as high as $17.21 and last traded at $17.23. Approximately 10,499 shares were traded during trading, a decline of 30% from the average daily volume of 14,900 shares. The stock had previously closed at $16.26.

The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.24. The business had revenue of $129.87 million for the quarter, compared to analyst estimates of $396.61 million. Enlight Renewable Energy had a net margin of 11.09% and a return on equity of 3.03%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Enlight Renewable Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Edmond DE Rothschild Holding S.A. increased its stake in 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 acquiring an additional 625 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Enlight Renewable Energy in the 4th quarter valued at $145,000. Jane Street Group LLC acquired a new position in shares of Enlight Renewable Energy during the 4th quarter worth $196,000. TD Asset Management Inc bought a new stake in shares of Enlight Renewable Energy during the 1st quarter worth $203,000. Finally, Tidal Investments LLC boosted its stake in 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 in the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

Enlight Renewable Energy Stock Performance

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 stock has a market cap of $1.97 billion, a P/E ratio of 47.28 and a beta of 1.24. The stock has a 50-day simple moving average of $16.11 and a 200-day simple moving average of $16.36.

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.