Enlight Renewable Energy Secures $37.50 Average Price Target from Analysts
Enlight Renewable Energy Ltd. (NASDAQ:ENLT) has garnered a consensus recommendation of “Hold” from eight research firms, according to MarketBeat Ratings. The company, which specializes in renewable energy, has received a mix of ratings, with two analysts suggesting a sell, three advocating a hold, and three endorsing a buy. The average target price over the next twelve months stands at $37.50.
Recent reports from various analysts have influenced this outlook. On November 17, 2023, Mizuho raised its price objective for Enlight Renewable Energy from $24.00 to $27.00, while maintaining an “underperform” rating. Similarly, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a target price of $35.00 on December 8, 2023. Weiss Ratings also reiterated a “hold (c)” rating on the same day. In contrast, UBS Group initiated coverage on November 24, 2023, assigning a “buy” rating with a projected price of $47.00. Furthermore, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating, setting a target price of $30.00 on October 1, 2023.
Recent Financial Performance
Enlight Renewable Energy reported its latest earnings results on November 12, 2023. The company achieved earnings of $0.16 per share, surpassing analyst expectations of $0.07 by $0.09. Revenue for the quarter reached $165.06 million, exceeding the consensus estimate of $146.04 million. The firm recorded a return on equity of 7.41% and a net margin of 22.60%. Analysts project that Enlight Renewable Energy will report earnings of $0.41 per share for the current fiscal year.
Institutional Investor Activity
Recent trading activity indicates a shift in institutional holdings. Mariner LLC increased its stake in Enlight Renewable Energy by 4.1% during the third quarter, now holding 10,070 shares valued at $314,000 after acquiring an additional 396 shares. The Public Employees Retirement System of Ohio raised its position by 1.0%, owning 45,693 shares worth $1,409,000 after purchasing 472 shares. Jane Street Group LLC also expanded its holdings by 6.0%, now owning 11,366 shares valued at $258,000.
Bank of Montreal Can increased its stake by 6.4%, owning 11,021 shares worth $251,000 following an additional purchase of 660 shares. Geode Capital Management LLC’s holdings increased by 0.7%, with 108,157 shares valued at $2,458,000 after acquiring 773 shares. Currently, institutional investors and hedge funds own approximately 38.89% of Enlight Renewable Energy’s stock.
Enlight Renewable Energy operates across several regions, including Israel, Central-Eastern Europe, Western Europe, and the United States. The company is involved in the development, financing, construction, ownership, and operation of utility-scale renewable energy projects, focusing on wind and solar energy, as well as energy storage solutions.
