Short Interest in ReNew Energy Global PLC (NASDAQ:RNW) Declines By 31.7%

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a large decrease in short interest in the month of March. As of March 13th, there was short interest totaling 2,448,929 shares, a decrease of 31.7% from the February 26th total of 3,584,682 shares. Based on an average trading volume of 607,903 shares, the short-interest ratio is presently 4.0 days. Approximately 0.7% of the shares of the company are short sold.

Institutional Investors Weigh In On ReNew Energy Global

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP purchased a new stake in shares of ReNew Energy Global during the second quarter worth $29,000. Quarry LP purchased a new position in shares of ReNew Energy Global in the third quarter valued at $33,000. Farther Finance Advisors LLC grew its position in shares of ReNew Energy Global by 213.9% in the fourth quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company’s stock valued at $31,000 after purchasing an additional 3,750 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of ReNew Energy Global during the 4th quarter valued at $37,000. Finally, Evergreen Capital Management LLC bought a new stake in shares of ReNew Energy Global during the 2nd quarter valued at $74,000. Institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Stock Performance

NASDAQ RNW traded down $0.01 during trading on Monday, hitting $4.50. 888,242 shares of the company’s stock traded hands, compared to its average volume of 772,455. The company has a debt-to-equity ratio of 3.84, a quick ratio of 0.52 and a current ratio of 0.57. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of 10.71 and a beta of 0.90. ReNew Energy Global has a 12-month low of $4.39 and a 12-month high of $8.24. The business has a 50 day moving average of $5.29 and a 200-day moving average of $6.42.

ReNew Energy Global (NASDAQ:RNW) last posted its earnings results on Monday, February 16th. The company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.12. The firm had revenue of $349.01 million during the quarter, compared to the consensus estimate of $262.33 million. ReNew Energy Global had a net margin of 6.95% and a return on equity of 10.50%. As a group, equities research analysts anticipate that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RNW shares. Morgan Stanley set a $6.03 price target on shares of ReNew Energy Global in a report on Monday, February 2nd. Mizuho reduced their price objective on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, December 16th. Finally, Weiss Ratings downgraded ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $6.52.

About ReNew Energy Global

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.