Enlight Renewable Energy (NASDAQ:ENLT) Shares Gap Down – Here’s What Happened

Enlight Renewable Energy Ltd (NASDAQ:ENLT)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $16.65, but opened at $16.09. Enlight Renewable Energy shares last traded at $16.09, with a volume of 557 shares traded.

Analysts Set New Price Targets

Separately, Roth Mkm reaffirmed a “buy” rating and set a $20.00 price objective on shares of Enlight Renewable Energy in a research report on Wednesday, August 14th.

Enlight Renewable Energy Price Performance

The business has a 50-day moving average of $16.02 and a 200 day moving average of $16.40. The firm has a market capitalization of $1.85 billion, a P/E ratio of 31.37 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.

Enlight Renewable Energy (NASDAQ:ENLT) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.07. Enlight Renewable Energy had a return on equity of 3.97% and a net margin of 18.61%. The firm had revenue of $84.70 million during the quarter, compared to the consensus estimate of $76.23 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 61.0% on a year-over-year basis. On average, sell-side analysts predict that Enlight Renewable Energy Ltd will post 0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Susquehanna International Group Ltd. bought a new position in Enlight Renewable Energy in the 2nd quarter valued at about $253,000. Tidal Investments LLC bought a new position in shares of Enlight Renewable Energy in the first quarter valued at approximately $254,000. Capstone Investment Advisors LLC boosted its position in shares of Enlight Renewable Energy by 9.0% during the first quarter. Capstone Investment Advisors LLC now owns 21,800 shares of the company’s stock valued at $369,000 after buying an additional 1,800 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Enlight Renewable Energy during the first quarter worth $377,000. Finally, Swiss National Bank raised its position in Enlight Renewable Energy by 1.3% in the 1st quarter. Swiss National Bank now owns 236,337 shares of the company’s stock valued at $3,954,000 after buying an additional 3,045 shares during the last quarter. 38.89% of the stock is currently owned by institutional investors and hedge funds.

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.