Enlight Renewable Energy (NASDAQ:ENLT) Sets New 52-Week High – Here’s Why

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $49.81 and last traded at $47.69, with a volume of 73034 shares traded. The stock had previously closed at $45.46.

Analyst Ratings Changes

ENLT has been the topic of several recent analyst reports. UBS Group began coverage on shares of Enlight Renewable Energy in a research note on Monday, November 24th. They set a “buy” rating and a $47.00 price objective on the stock. Roth Capital lifted their price target on Enlight Renewable Energy from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, November 13th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $30.00 price objective on shares of Enlight Renewable Energy in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a research report on Monday. Finally, Mizuho boosted their target price on Enlight Renewable Energy from $24.00 to $27.00 and gave the stock an “underperform” rating in a report on Monday, November 17th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $37.50.

Enlight Renewable Energy Trading Up 4.9%

The company has a market cap of $5.51 billion, a P/E ratio of 49.68 and a beta of 1.50. The business has a fifty day moving average price of $39.42 and a 200-day moving average price of $31.56. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.91.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its earnings results on Wednesday, November 12th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.09. The company had revenue of $165.06 million for the quarter, compared to analyst estimates of $146.04 million. Enlight Renewable Energy had a return on equity of 7.41% and a net margin of 22.60%. On average, analysts forecast that Enlight Renewable Energy Ltd. will post 0.41 earnings per share for the current year.

Institutional Investors Weigh In On Enlight Renewable Energy

A number of institutional investors have recently modified their holdings of the business. Mariner LLC raised its stake in Enlight Renewable Energy by 4.1% in the 3rd quarter. Mariner LLC now owns 10,070 shares of the company’s stock worth $314,000 after purchasing an additional 396 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Enlight Renewable Energy by 1.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 45,693 shares of the company’s stock worth $1,409,000 after purchasing an additional 472 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Enlight Renewable Energy by 6.0% during the second quarter. Jane Street Group LLC now owns 11,366 shares of the company’s stock worth $258,000 after purchasing an additional 641 shares during the period. Bank of Montreal Can raised its position in shares of Enlight Renewable Energy by 6.4% in the second quarter. Bank of Montreal Can now owns 11,021 shares of the company’s stock valued at $251,000 after buying an additional 660 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Enlight Renewable Energy by 0.7% in the second quarter. Geode Capital Management LLC now owns 108,157 shares of the company’s stock valued at $2,458,000 after buying an additional 773 shares in the last quarter. Institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Company Profile

Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is an independent power producer specializing in the development, financing, construction and operation of renewable energy assets. The company’s portfolio encompasses utility-scale solar photovoltaic (PV) farms, onshore wind farms and energy storage facilities. By providing end-to-end project management—from site identification and feasibility studies through engineering procurement and construction (EPC) to long-term operations and maintenance—Enlight seeks to deliver reliable clean power under long-term power purchase agreements (PPAs).

Founded in 2008 and headquartered in Tel Aviv, Enlight has pursued an international growth strategy with operational and development projects in Israel and Western Europe.