Enlight Renewable Energy (NASDAQ:ENLT) Trading Up 5% - Should You Buy?

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report)'s share price rose 5% on Tuesday . The company traded as high as $17.22 and last traded at $17.22. Approximately 9,942 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 25,809 shares. The stock had previously closed at $16.40.

Wall Street Analysts Forecast Growth

Separately, Barclays increased their target price on Enlight Renewable Energy from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Friday, November 15th.

Enlight Renewable Energy Stock Performance

The firm has a fifty day moving average of $16.03 and a 200 day moving average of $16.06. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 39.55 and a beta of 1.70. 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 - Get Free Report) last posted its quarterly 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 return on equity of 3.34% and a net margin of 13.58%. The business had revenue of $109.50 million for the quarter, compared to analyst estimates of $83.09 million. During the same quarter in the previous year, the firm earned $0.13 EPS. The company's quarterly revenue was up 87.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Enlight Renewable Energy Ltd will post 0.15 EPS for the current year.

Institutional Trading of Enlight Renewable Energy

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of Enlight Renewable Energy by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 103,590 shares of the company's stock valued at $1,751,000 after purchasing an additional 907 shares during the last quarter. Tidal Investments LLC boosted its stake in 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 during the period. Advisors Asset Management Inc. increased its position 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 valued at $241,000 after acquiring an additional 13,150 shares during the last quarter. Susquehanna International Group Ltd. purchased a new stake in shares of Enlight Renewable Energy in the 2nd quarter valued at approximately $253,000. Finally, Barclays PLC lifted its holdings 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 worth $432,000 after acquiring an additional 24,942 shares during the last quarter. Hedge funds and other institutional investors own 38.89% of the company's stock.

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.