ReNew Energy Global (NASDAQ:RNW) Reaches New 1-Year Low – Time to Sell?

ReNew Energy Global PLC (NASDAQ:RNW) shares reached a new 52-week low during trading on Monday . The stock traded as low as $5.05 and last traded at $5.0190, with a volume of 121294 shares traded. The stock had previously closed at $5.07.

Analyst Upgrades and Downgrades

RNW has been the topic of several analyst reports. Morgan Stanley set a $6.03 price objective on ReNew Energy Global in a research note on Monday, February 2nd. Weiss Ratings cut ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Finally, Mizuho cut their target price on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 16th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $6.52.

ReNew Energy Global Stock Down 0.3%

The company’s fifty day moving average price is $5.38 and its 200-day moving average price is $6.55. The stock has a market cap of $1.83 billion, a P/E ratio of 12.08 and a beta of 0.90. The company has a debt-to-equity ratio of 3.84, a quick ratio of 0.52 and a current ratio of 0.57.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings results on Monday, February 16th. The company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.12) by $0.12. ReNew Energy Global had a net margin of 6.95% and a return on equity of 10.50%. The company had revenue of $349.01 million for the quarter, compared to the consensus estimate of $262.33 million. Equities analysts forecast that ReNew Energy Global PLC will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Franklin Resources Inc. raised its holdings in shares of ReNew Energy Global by 21.8% in the second quarter. Franklin Resources Inc. now owns 14,187,989 shares of the company’s stock worth $98,039,000 after buying an additional 2,540,442 shares during the period. Norges Bank purchased a new position in ReNew Energy Global during the 4th quarter valued at $58,238,000. State Street Corp boosted its holdings in ReNew Energy Global by 484.6% during the 4th quarter. State Street Corp now owns 2,779,666 shares of the company’s stock valued at $15,705,000 after acquiring an additional 2,304,172 shares during the period. Invesco Ltd. grew its position in ReNew Energy Global by 6.5% in the 4th quarter. Invesco Ltd. now owns 2,501,501 shares of the company’s stock valued at $14,133,000 after acquiring an additional 152,439 shares during the last quarter. Finally, Man Group plc increased its stake in ReNew Energy Global by 663.5% in the fourth quarter. Man Group plc now owns 2,046,780 shares of the company’s stock worth $11,564,000 after purchasing an additional 1,778,705 shares during the period. Institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Company Profile

ReNew Energy Global PLC is an independent power producer specializing in the development, construction, ownership and operation of utility-scale renewable energy projects. Headquartered in Gurugram, India, the company focuses on onshore wind farms, solar photovoltaic plants and hybrid energy systems, often paired with battery energy storage to enhance grid stability and dispatch flexibility. ReNew Energy Global markets electricity under long-term power purchase agreements, serving utilities, distribution companies and corporate offtakers.

The company’s core business activities encompass site identification, project design, procurement, construction management and ongoing asset management.