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

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) saw an uptick in trading volume on Thursday after the company announced better than expected quarterly earnings. 19,114 shares were traded during 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, topping the consensus estimate of ($0.13) by $0.17. Enlight Renewable Energy had a return on equity of 3.02% and a net margin of 11.09%. The business had revenue of $114.21 million for the quarter, compared to analyst estimates of $289.04 million.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Barclays upped their price objective on Enlight Renewable Energy from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. upped their price objective on Enlight Renewable Energy from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Thursday, January 23rd. Finally, Wolfe Research lowered Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research report on Thursday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Edmond DE Rothschild Holding S.A. lifted its position in shares of Enlight Renewable Energy by 51.0% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,850 shares of the company's stock valued at $32,000 after buying an additional 625 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Enlight Renewable Energy by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 103,590 shares of the company's stock valued at $1,751,000 after buying an additional 907 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Enlight Renewable Energy by 2.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 39,872 shares of the company's stock valued at $690,000 after buying an additional 947 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Enlight Renewable Energy by 11.3% during 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 in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Enlight Renewable Energy by 0.6% during the 4th quarter. Deutsche Bank AG now owns 425,693 shares of the company's stock valued at $7,343,000 after buying an additional 2,748 shares in the last quarter. Hedge funds and other institutional investors own 38.89% of the company's stock.

Enlight Renewable Energy Stock Down 0.4 %

The business has a 50-day moving average price of $16.74 and a 200-day moving average price of $16.27. 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 stock has a market cap of $2.05 billion, a PE ratio of 49.86 and a beta of 1.51.

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.