Enlight Renewable Energy (NASDAQ:ENLT) Shares Down 8.3% – Should You Sell?

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s stock price fell 8.3% during mid-day trading on Wednesday . The stock traded as low as $14.95 and last traded at $14.95. 1,131 shares changed hands during trading, a decline of 96% from the average session volume of 25,711 shares. The stock had previously closed at $16.31.

Analysts Set New Price Targets

Several analysts have weighed in on ENLT shares. Barclays boosted their target price on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Roth Mkm reissued a “buy” rating and issued a $20.00 price objective on shares of Enlight Renewable Energy in a report on Wednesday, August 14th.

Enlight Renewable Energy Stock Performance

The stock has a fifty day moving average of $15.91 and a 200-day moving average of $16.32. The stock has a market capitalization of $1.87 billion, a PE ratio of 33.98 and a beta of 1.71. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.64.

Enlight Renewable Energy (NASDAQ:ENLT) last issued its earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.09. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%. The company had revenue of $109.50 million during the quarter, compared to analysts’ expectations of $83.09 million. During the same period last year, the company posted $0.13 earnings per share. The firm’s quarterly revenue was up 87.8% compared to the same quarter last year. Equities analysts anticipate that Enlight Renewable Energy Ltd will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC grew its stake in shares of Enlight Renewable Energy by 4,278.2% during the third quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after acquiring an additional 24,942 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Enlight Renewable Energy by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 103,590 shares of the company’s stock worth $1,751,000 after purchasing an additional 907 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Enlight Renewable Energy during the third quarter valued at approximately $655,000. Clal Insurance Enterprises Holdings Ltd increased its stake in Enlight Renewable Energy by 4.2% during the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 8,771,161 shares of the company’s stock valued at $147,885,000 after purchasing an additional 353,750 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in Enlight Renewable Energy by 1,181.5% in the third quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock valued at $241,000 after acquiring an additional 13,150 shares during the period. Institutional investors and hedge funds 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.