ReNew Energy Global (NASDAQ:RNW) Shares Up 5.1% – Here’s Why

ReNew Energy Global PLC (NASDAQ:RNW)’s share price was up 5.1% during mid-day trading on Wednesday . The stock traded as high as $5.46 and last traded at $5.4550. Approximately 2,845,659 shares changed hands during mid-day trading, an increase of 170% from the average daily volume of 1,054,294 shares. The stock had previously closed at $5.19.

Analyst Ratings Changes

RNW has been the topic of several research analyst reports. Mizuho cut their price target on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday. Weiss Ratings reissued a “hold (c)” rating on shares of ReNew Energy Global in a report on Monday. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $7.25.

ReNew Energy Global Trading Up 5.3%

The stock has a market capitalization of $1.98 billion, a PE ratio of 17.63 and a beta of 0.88. The company has a debt-to-equity ratio of 4.34, a quick ratio of 0.74 and a current ratio of 0.77. The business’s 50-day moving average is $7.50 and its two-hundred day moving average is $7.47.

ReNew Energy Global (NASDAQ:RNW) last issued its earnings results on Monday, November 10th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.04). The firm had revenue of $433.94 million during the quarter, compared to analysts’ expectations of $403.19 million. ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. As a group, equities research analysts anticipate that ReNew Energy Global PLC will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On ReNew Energy Global

A number of large investors have recently made changes to their positions in the stock. Franklin Resources Inc. grew its holdings in ReNew Energy Global by 21.8% during the 2nd quarter. Franklin Resources Inc. now owns 14,187,989 shares of the company’s stock valued at $98,039,000 after buying an additional 2,540,442 shares during the last quarter. Millennium Management LLC boosted its stake in shares of ReNew Energy Global by 22.9% during the first quarter. Millennium Management LLC now owns 6,351,699 shares of the company’s stock valued at $37,412,000 after acquiring an additional 1,182,123 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in ReNew Energy Global during the 1st quarter worth about $34,651,000. Invesco Ltd. lifted its holdings in ReNew Energy Global by 16.8% in the 1st quarter. Invesco Ltd. now owns 2,476,280 shares of the company’s stock valued at $14,585,000 after purchasing an additional 356,311 shares in the last quarter. Finally, M&G PLC grew its holdings in shares of ReNew Energy Global by 14.6% during the second quarter. M&G PLC now owns 2,188,498 shares of the company’s stock worth $15,319,000 after buying an additional 278,863 shares in the last quarter. Hedge funds and other institutional investors own 43.56% of the company’s stock.

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.