The soldier, from the paratroopers brigade, was evacuated in a helicopter to Rambam Medical Center in Haifa, where his condition was reported to have improved to light-to-moderate.
By Thursday morning, the IDF was still examining whether his injuries were caused by gunshots.
In a separate overnight operation, security forces conducted a sweep in which nine wanted Palestinian suspects were arrested in the West Bank and raided a workshop containing 8 weapons-producing machines in Hebron.
In addition, IDF forces entered the home of the terrorist who shot at soldiers from a travelling vehicle near Ramallah on Wednesday evening.
The shooting attack took place approximately one hour after another terrorist attempted to ram his car into a number of pedestrians waiting at a bus stop Kokhav Ya’akov, apparently intent on stabbing them after running them over.
Yoav Zitun, Elisha Ben Kimon, Ahiya Raved and Elior Levi contributed to this report.