Enlight Renewable Energy (NASDAQ:ENLT) Sees Large Volume Increase on Analyst Upgrade

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT) saw strong trading volume on Friday after JPMorgan Chase & Co. raised their price target on the stock from $17.00 to $18.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. 73,699 shares changed hands during trading, an increase of 328% from the previous session’s volume of 17,220 shares.The stock last traded at $16.36 and had previously closed at $16.46.

Separately, Barclays lifted their price objective on shares of Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ENLT. JPMorgan Chase & Co. bought a new stake in shares of Enlight Renewable Energy during the 3rd quarter worth approximately $4,901,000. Barclays PLC lifted its position 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 worth $432,000 after purchasing an additional 24,942 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Enlight Renewable Energy during the third quarter worth $655,000. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of 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 period. Finally, Geode Capital Management LLC grew its holdings in shares of Enlight Renewable Energy by 0.9% in the third 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. Institutional investors own 38.89% of the company’s stock.

Enlight Renewable Energy Stock Up 1.0 %

The company has a market cap of $1.89 billion, a PE ratio of 37.25 and a beta of 1.53. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 1.64. The company’s 50 day moving average is $16.60 and its 200 day moving average is $16.19.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its quarterly earnings results on Wednesday, November 13th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $109.50 million during the quarter, compared to the consensus estimate of $83.09 million. During the same quarter in the previous year, the firm posted $0.13 earnings per share. The company’s revenue was up 87.8% on a year-over-year basis. As a group, analysts predict that Enlight Renewable Energy Ltd will post 0.07 earnings per share for the current fiscal year.

Enlight Renewable Energy Company Profile

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.