ReNew Energy Global (NASDAQ:RNW) Shares Down 3.6% – Should You Sell?

ReNew Energy Global Plc (NASDAQ:RNW)’s share price traded down 3.6% during trading on Wednesday . The stock traded as low as $5.19 and last traded at $5.28. 373,058 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 865,418 shares. The stock had previously closed at $5.48.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on RNW shares. Morgan Stanley lowered ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, September 26th. Roth Mkm dropped their price target on ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, August 19th.

ReNew Energy Global Trading Up 2.6 %

The business has a 50-day moving average of $5.91 and a 200-day moving average of $5.95. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 93.85 and a beta of 0.95. The company has a quick ratio of 0.66, a current ratio of 0.67 and a debt-to-equity ratio of 4.65.

Hedge Funds Weigh In On ReNew Energy Global

Several large investors have recently added to or reduced their stakes in RNW. Mercer Global Advisors Inc. ADV boosted its position in ReNew Energy Global by 12.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 15,187 shares of the company’s stock valued at $95,000 after buying an additional 1,709 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of ReNew Energy Global by 23.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 12,672 shares of the company’s stock valued at $80,000 after purchasing an additional 2,379 shares during the period. Tidal Investments LLC lifted its stake in shares of ReNew Energy Global by 3.5% in the 1st quarter. Tidal Investments LLC now owns 87,575 shares of the company’s stock valued at $525,000 after purchasing an additional 2,924 shares during the period. Van ECK Associates Corp lifted its stake in shares of ReNew Energy Global by 58.1% in the 3rd quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock valued at $72,000 after purchasing an additional 4,513 shares during the period. Finally, Harvest Portfolios Group Inc. lifted its stake in shares of ReNew Energy Global by 17.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 71,966 shares of the company’s stock valued at $453,000 after purchasing an additional 10,831 shares during the period. Institutional investors and hedge funds own 43.56% of the company’s stock.

About ReNew Energy Global

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.