ReNew Energy Global (NASDAQ:RNW) Trading 7.6% Higher

ReNew Energy Global Plc (NASDAQ:RNW)’s share price rose 7.6% on Friday . The company traded as high as $6.13 and last traded at $6.11. Approximately 193,673 shares traded hands during trading, a decline of 68% from the average daily volume of 608,838 shares. The stock had previously closed at $5.68.

Analyst Ratings Changes

Separately, Roth Mkm dropped their price target on ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, April 11th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $8.35.

ReNew Energy Global Price Performance

The firm has a market capitalization of $2.31 billion, a P/E ratio of 62.00 and a beta of 0.91. The business has a fifty day moving average of $6.01 and a 200-day moving average of $6.36. The company has a debt-to-equity ratio of 4.57, a quick ratio of 0.84 and a current ratio of 0.85.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). ReNew Energy Global had a return on equity of 2.96% and a net margin of 3.61%. The business had revenue of $232.00 million during the quarter, compared to the consensus estimate of $195.90 million. During the same period last year, the company earned ($0.15) earnings per share. On average, sell-side analysts forecast that ReNew Energy Global Plc will post 0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pale Fire Capital SE bought a new position in ReNew Energy Global during the 3rd quarter valued at $54,000. Advisors Asset Management Inc. boosted its stake in ReNew Energy Global by 18.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 63,412 shares of the company’s stock valued at $344,000 after purchasing an additional 10,082 shares in the last quarter. Tejara Capital Ltd boosted its stake in shares of ReNew Energy Global by 12.8% during the 3rd quarter. Tejara Capital Ltd now owns 119,428 shares of the company’s stock worth $648,000 after acquiring an additional 13,528 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of ReNew Energy Global during the 4th quarter worth $113,000. Finally, CoreCommodity Management LLC boosted its stake in shares of ReNew Energy Global by 12.9% during the 4th quarter. CoreCommodity Management LLC now owns 130,969 shares of the company’s stock worth $1,003,000 after acquiring an additional 14,957 shares in the last quarter. 43.56% of the stock is owned by institutional investors.

ReNew Energy Global Company Profile

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.