UBS Group Issues Pessimistic Forecast for Enlight Renewable Energy (NASDAQ:ENLT) Stock Price

Enlight Renewable Energy (NASDAQ:ENLT) had its target price cut by investment analysts at UBS Group from $123.00 to $115.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price objective points to a potential upside of 29.17% from the company’s previous close.

Several other brokerages have also recently issued reports on ENLT. JPMorgan Chase & Co. upped their price target on shares of Enlight Renewable Energy from $57.00 to $68.00 and gave the company an “underweight” rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded Enlight Renewable Energy from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Enlight Renewable Energy in a report on Friday, March 27th. Finally, Deutsche Bank Aktiengesellschaft set a $65.00 price objective on shares of Enlight Renewable Energy and gave the company a “hold” rating in a research note on Thursday, April 9th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Enlight Renewable Energy currently has an average rating of “Hold” and an average price target of $61.83.

Enlight Renewable Energy Price Performance

Enlight Renewable Energy stock opened at $89.03 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.68. The company has a market capitalization of $10.56 billion, a PE ratio of 240.74, a P/E/G ratio of 30.53 and a beta of 1.66. Enlight Renewable Energy has a 12 month low of $22.95 and a 12 month high of $108.65. The stock has a 50-day moving average price of $91.45 and a two-hundred day moving average price of $73.37.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings results on Tuesday, March 31st. The company reported $0.16 earnings per share for the quarter. Enlight Renewable Energy had a return on equity of 2.48% and a net margin of 9.47%.The company had revenue of $156.49 million for the quarter. Analysts expect that Enlight Renewable Energy will post 0.29 EPS for the current year.

Insider Buying and Selling

In other Enlight Renewable Energy news, insider Ilan Goren sold 26,622 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $103.76, for a total transaction of $2,762,298.72. Following the transaction, the insider directly owned 42,835 shares in the company, valued at approximately $4,444,559.60. This represents a 38.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Shai Yeshayahu Weil sold 73,436 shares of the stock in a transaction that occurred on Monday, May 25th. The stock was sold at an average price of $93.68, for a total value of $6,879,484.48. Following the transaction, the director owned 396,655 shares in the company, valued at $37,158,640.40. The trade was a 15.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 313,597 shares of company stock worth $29,830,515 over the last three months.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc acquired a new position in shares of Enlight Renewable Energy during the 2nd quarter valued at $34,000. State of Wyoming acquired a new stake in Enlight Renewable Energy in the first quarter worth $41,000. BNP Paribas Financial Markets increased its stake in Enlight Renewable Energy by 256.1% in the second quarter. BNP Paribas Financial Markets now owns 1,225 shares of the company’s stock valued at $28,000 after purchasing an additional 881 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Enlight Renewable Energy in the fourth quarter valued at $56,000. Finally, Walleye Capital LLC acquired a new position in shares of Enlight Renewable Energy during the first quarter valued at about $240,000. Institutional investors and hedge funds own 38.89% of the company’s stock.

About Enlight Renewable Energy

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.