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

Enlight Renewable Energy Ltd (NASDAQ:ENLT) gapped down prior to trading 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.

Wall Street Analyst Weigh In

Separately, Roth Mkm reissued a “buy” rating and issued a $20.00 target price on shares of Enlight Renewable Energy in a report on Wednesday, August 14th.

Enlight Renewable Energy Stock Down 4.4 %

The firm’s 50 day simple moving average is $16.04 and its 200 day simple moving average is $16.40. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 32.41 and a beta of 1.69. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.59.

Enlight Renewable Energy (NASDAQ:ENLT) last announced its quarterly earnings results 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 net margin of 18.61% and a return on equity of 3.97%. The company had revenue of $84.70 million for the quarter, compared to analyst estimates of $76.23 million. During the same quarter last year, the business earned $0.12 earnings per share. Enlight Renewable Energy’s revenue was up 61.0% compared to the same quarter last year. Sell-side analysts anticipate that Enlight Renewable Energy Ltd will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Enlight Renewable Energy

Large investors have recently made changes to their positions in the company. Tidal Investments LLC acquired a new position in shares of Enlight Renewable Energy during the first quarter valued at approximately $254,000. Susquehanna International Group Ltd. acquired a new position in shares of Enlight Renewable Energy during the second quarter valued at approximately $253,000. Capstone Investment Advisors LLC increased its stake 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 acquiring an additional 1,800 shares during the period. Quadrature Capital Ltd acquired a new position in shares of Enlight Renewable Energy during the first quarter valued at approximately $377,000. Finally, Swiss National Bank increased its stake in shares of Enlight Renewable Energy by 1.3% during the first quarter. Swiss National Bank now owns 236,337 shares of the company’s stock valued at $3,954,000 after acquiring an additional 3,045 shares during the period. Institutional investors and hedge funds 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.