Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up - Here's Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT) experienced a significant surge in its share price ahead of trading on Thursday. The stock closed at $16.69 but opened at $17.07, indicating a notable gap up. As of the last transaction, Enlight Renewable Energy shares were priced at $17.10, with a trading volume of 2,379 shares.

Analyst Insights

Enlight Renewable Energy has recently attracted attention from several research analysts. Deutsche Bank initiated coverage on the stock, giving it a "buy" rating and setting a price target of $22.00. Similarly, JPMorgan Chase & Co. raised their price target for Enlight shares from $17.00 to $18.00, maintaining a "neutral" rating. Additionally, Barclays increased their price target from $20.00 to $21.00 and assigned an "overweight" rating to the company. However, Wolfe Research downgraded Enlight Renewable Energy from an "outperform" to a "peer perform" rating.

Currently, two analysts recommend holding the stock, while three suggest buying it. According to data from MarketBeat, the overall consensus rating for Enlight Renewable Energy stands at "Moderate Buy," with an average target price of $20.25.

Enlight Renewable Energy Stock Performance

The fifty-day simple moving average for Enlight Renewable Energy is $16.83, while its two-hundred-day moving average is $16.37. The company holds a market capitalization of approximately $1.97 billion, a price-to-earnings ratio of 47.25, and a beta of 1.38. Its debt-to-equity ratio is reported at 1.98, with a quick ratio of 0.53 and a current ratio of 1.22.

The last quarterly earnings report from Enlight Renewable Energy was released on February 19, where the company posted earnings of $0.04 per share, exceeding analyst expectations of a loss of $0.13 by $0.17. The company reported a return on equity of 3.03% and a net margin of 11.09%. Revenue for the quarter was $114.21 million, falling short of the expected $289.04 million. Analysts predict that Enlight Renewable Energy will achieve an EPS of 0.41 for the current fiscal year.

Hedge Fund Activity

Various hedge funds have adjusted their stakes in Enlight Renewable Energy in recent months. Y.D. More Investments Ltd increased its holdings by 18.6% in the fourth quarter, bringing its total to 3,068,179 shares valued at $53,043,000. Phoenix Financial Ltd. also raised its position by 42.2%, now owning 1,254,495 shares worth $21,634,000. Clal Insurance Enterprises Holdings Ltd increased its holdings by 4.2%, now totaling 8,771,161 shares valued at $147,885,000. Furthermore, JPMorgan Chase & Co. acquired new shares, and Meitav Investment House Ltd. increased its stake by 4.0%. Overall, institutional investors and hedge funds collectively own 38.89% of Enlight Renewable Energy's stock.

About Enlight Renewable Energy

Enlight Renewable Energy Ltd operates a renewable energy platform across Israel, Central-Eastern Europe, Western Europe, and the United States. The company focuses on developing, financing, constructing, owning, and operating utility-scale renewable energy projects, covering both wind and solar energy as well as energy storage initiatives.

Renewable, Energy, Stocks