Enlight Renewable Energy (NASDAQ:ENLT) Sees Strong Trading Volume 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 traded 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.

Hedge Funds Weigh In On Enlight Renewable Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. boosted its stake in shares of Enlight Renewable Energy by 1,181.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 14,263 shares of the company’s stock valued at $241,000 after purchasing an additional 13,150 shares in the last quarter. Susquehanna International Group Ltd. bought a new stake in shares of Enlight Renewable Energy during the second quarter worth $253,000. Tidal Investments LLC increased its holdings in shares of Enlight Renewable Energy by 11.3% during the third quarter. Tidal Investments LLC now owns 18,241 shares of the company’s stock worth $308,000 after buying an additional 1,852 shares in the last quarter. Barclays PLC lifted its stake in shares of Enlight Renewable Energy by 4,278.2% in the 3rd quarter. Barclays PLC now owns 25,525 shares of the company’s stock valued at $432,000 after acquiring an additional 24,942 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Enlight Renewable Energy during the 3rd quarter valued at $655,000. 38.89% of the stock is currently owned by institutional investors and hedge funds.

Enlight Renewable Energy Stock Down 0.6 %

The firm has a 50-day simple moving average of $16.61 and a 200 day simple moving average of $16.19. The stock has a market capitalization of $1.89 billion, a P/E ratio of 36.84 and a beta of 1.53. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.53 and a quick ratio of 0.53.

Enlight Renewable Energy (NASDAQ:ENLT) last posted its earnings results on Wednesday, November 13th. The company reported $0.12 EPS for the quarter, topping 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 business had revenue of $109.50 million for the quarter, compared to the consensus estimate of $83.09 million. During the same period last year, the company earned $0.13 EPS. The firm’s revenue was up 87.8% compared to the same quarter last year. On average, equities research analysts forecast that Enlight Renewable Energy Ltd will post 0.07 EPS for the current year.

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.