Enlight Renewable Energy (NASDAQ:ENLT) Sees Strong Trading Volume on Better-Than-Expected Earnings

Enlight Renewable Energy Ltd (NASDAQ:ENLT) saw unusually-high trading volume on Thursday following a better than expected earnings announcement. Approximately 19,114 shares were traded during mid-day trading, an increase of 9% from the previous session’s volume of 17,530 shares.The stock last traded at $18.06 and had previously closed at $17.77.

The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.13) by $0.17. The company had revenue of $114.21 million for the quarter, compared to analyst estimates of $289.04 million. Enlight Renewable Energy had a net margin of 13.58% and a return on equity of 3.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Wolfe Research cut shares of Enlight Renewable Energy from an “outperform” rating to a “peer perform” rating in a research report on Thursday. Barclays raised their price target on Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, JPMorgan Chase & Co. boosted their price objective on Enlight Renewable Energy from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd.

Institutional Investors Weigh In On Enlight Renewable Energy

Institutional investors and hedge funds have recently made changes to their positions in the business. Edmond DE Rothschild Holding S.A. increased its position in Enlight Renewable Energy by 51.0% in the 4th 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 period. Russell Investments Group Ltd. purchased a new position in shares of Enlight Renewable Energy in the 4th quarter valued at approximately $145,000. Jane Street Group LLC acquired a new position in shares of Enlight Renewable Energy in the fourth quarter valued at approximately $196,000. Advisors Asset Management Inc. lifted its holdings in shares of Enlight Renewable Energy by 1,181.5% during the third quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock worth $241,000 after purchasing an additional 13,150 shares during the period. Finally, Tidal Investments LLC grew its position in Enlight Renewable Energy by 11.3% in the 3rd 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 during the last quarter. 38.89% of the stock is owned by hedge funds and other institutional investors.

Enlight Renewable Energy Stock Up 2.0 %

The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 41.20 and a beta of 1.51. The firm’s 50 day simple moving average is $16.70 and its 200-day simple moving average is $16.26. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.64.

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.