Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Up After Better-Than-Expected Earnings

Shares of Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $17.05, but opened at $17.87. Enlight Renewable Energy shares last traded at $17.94, with a volume of 10,088 shares.

The company reported $0.04 earnings per share (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 company had revenue of $114.21 million during the quarter, compared to analysts' expectations of $289.04 million.

Wall Street Analyst Weigh In

ENLT has been the subject of a number of research analyst reports. Barclays upped their price target 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. Wolfe Research downgraded Enlight Renewable Energy from an "outperform" rating to a "peer perform" rating in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price target 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.

Hedge Funds Weigh In On Enlight Renewable Energy

Hedge funds have recently made changes to their positions in the business. Public Employees Retirement System of Ohio lifted its stake in Enlight Renewable Energy by 2.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 39,872 shares of the company's stock valued at $690,000 after purchasing an additional 947 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Enlight Renewable Energy by 9.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 336,224 shares of the company's stock valued at $5,798,000 after acquiring an additional 28,792 shares during the last quarter. USS Investment Management Ltd bought a new stake in shares of Enlight Renewable Energy during the 4th quarter worth $985,000. Deutsche Bank AG grew its holdings in shares of Enlight Renewable Energy by 0.6% in the 4th quarter. Deutsche Bank AG now owns 425,693 shares of the company's stock worth $7,343,000 after acquiring an additional 2,748 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Enlight Renewable Energy during the fourth quarter worth $196,000. Institutional investors and hedge funds own 38.89% of the company's stock.

Enlight Renewable Energy Stock Down 0.4 %

The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 49.86 and a beta of 1.51. The business has a 50-day moving average price of $16.74 and a 200-day moving average price of $16.27.

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.