ReNew Energy Global PLC (NASDAQ:RNW) Short Interest Update

ReNew Energy Global PLC (NASDAQ:RNW) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totaling 3,795,308 shares, a growth of 41.3% from the December 15th total of 2,686,755 shares. Based on an average daily trading volume, of 2,358,227 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.1% of the shares of the company are sold short. Currently, 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 2,358,227 shares, the days-to-cover ratio is currently 1.6 days.

ReNew Energy Global Trading Down 0.4%

NASDAQ:RNW opened at $5.38 on Friday. ReNew Energy Global has a 1 year low of $5.05 and a 1 year high of $8.24. The stock’s fifty day moving average price is $6.51 and its two-hundred day moving average price is $7.25. The company has a debt-to-equity ratio of 4.34, a current ratio of 0.77 and a quick ratio of 0.74. The company has a market cap of $1.95 billion, a P/E ratio of 17.35 and a beta of 0.91.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly 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 company 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, analysts expect that ReNew Energy Global will post 0.15 EPS for the current year.

Analyst Ratings Changes

RNW has been the topic of a number of recent research reports. Mizuho dropped their price target 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. Weiss Ratings restated a “hold (c)” rating on shares of ReNew Energy Global in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $7.25.

Institutional Investors Weigh In On ReNew Energy Global

A number of institutional investors and hedge funds have recently modified their holdings of RNW. Harvest Portfolios Group Inc. grew its stake in ReNew Energy Global by 3.9% during the third quarter. Harvest Portfolios Group Inc. now owns 41,751 shares of the company’s stock valued at $321,000 after acquiring an additional 1,568 shares in the last quarter. Tidal Investments LLC boosted its holdings in ReNew Energy Global by 15.4% in the 2nd quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock valued at $91,000 after purchasing an additional 1,752 shares during the period. Corient Private Wealth LLC grew its position in shares of ReNew Energy Global by 6.9% during the 2nd quarter. Corient Private Wealth LLC now owns 28,643 shares of the company’s stock valued at $198,000 after purchasing an additional 1,849 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of ReNew Energy Global by 9.3% in the second quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after purchasing an additional 2,225 shares during the period. Finally, Aberdeen Group plc raised its position in shares of ReNew Energy Global by 14.8% in the fourth quarter. Aberdeen Group plc now owns 23,334 shares of the company’s stock worth $132,000 after buying an additional 3,000 shares in the last quarter. 43.56% of the stock is owned by hedge funds and other institutional investors.

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.