Enlight Renewable Energy (NASDAQ:ENLT) Shares Down 4.4% - Here's Why

Enlight Renewable Energy Ltd (NASDAQ:ENLT - Get Free Report) shares were down 4.4% on Wednesday . The stock traded as low as $15.92 and last traded at $15.92. Approximately 440 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 27,253 shares. The stock had previously closed at $16.65.

Analysts Set New Price Targets

Separately, Roth Mkm restated a "buy" rating and issued a $20.00 target price on shares of Enlight Renewable Energy in a research note on Wednesday, August 14th.

Enlight Renewable Energy Stock Performance

The firm has a market cap of $1.85 billion, a P/E ratio of 30.86 and a beta of 1.69. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The company's 50-day moving average is $16.02 and its two-hundred day moving average is $16.40.

Enlight Renewable Energy (NASDAQ:ENLT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.01) by $0.07. Enlight Renewable Energy had a net margin of 18.61% and a return on equity of 3.97%. The business had revenue of $84.70 million during the quarter, compared to the consensus estimate of $76.23 million. During the same period in the prior year, the firm posted $0.12 EPS. The firm's quarterly revenue was up 61.0% compared to the same quarter last year. As a group, equities analysts predict that Enlight Renewable Energy Ltd will post 0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ENLT. Vanguard Group Inc. grew its position in Enlight Renewable Energy by 0.7% during the first quarter. Vanguard Group Inc. now owns 4,001,391 shares of the company's stock valued at $67,704,000 after buying an additional 29,249 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Enlight Renewable Energy by 3.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,619,180 shares of the company's stock valued at $42,326,000 after purchasing an additional 76,873 shares during the last quarter. Y.D. More Investments Ltd grew its holdings in Enlight Renewable Energy by 94,919.7% during the second quarter. Y.D. More Investments Ltd now owns 1,957,405 shares of the company's stock valued at $31,166,000 after purchasing an additional 1,955,345 shares during the period. Swiss National Bank increased its position in Enlight Renewable Energy by 1.3% in the first quarter. Swiss National Bank now owns 236,337 shares of the company's stock worth $3,954,000 after buying an additional 3,045 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Enlight Renewable Energy during the 1st quarter valued at $377,000. Hedge funds and other institutional investors own 38.89% of the company's stock.

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.