ReNew Energy Global (NASDAQ:RNW) Shares Gap Up – What’s Next?

ReNew Energy Global PLC (NASDAQ:RNW)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $5.35, but opened at $5.57. ReNew Energy Global shares last traded at $5.5250, with a volume of 386,142 shares traded.

Analyst Ratings Changes

A number of research firms have commented on RNW. Weiss Ratings downgraded ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Mizuho reduced their price objective on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 16th. Finally, Morgan Stanley set a $6.03 target price on shares of ReNew Energy Global in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $6.84.

ReNew Energy Global Price Performance

The company has a market capitalization of $2.00 billion, a P/E ratio of 17.77 and a beta of 0.91. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 4.34. The business has a 50 day simple moving average of $5.62 and a 200-day simple moving average of $6.93.

Institutional Investors Weigh In On ReNew Energy Global

Several large investors have recently made changes to their positions in RNW. Franklin Resources Inc. raised its holdings in shares of ReNew Energy Global by 21.8% during the second 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. Norges Bank acquired a new stake in ReNew Energy Global in the 4th quarter valued at approximately $58,238,000. State Street Corp raised its stake 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 in the last quarter. Invesco Ltd. boosted its position in ReNew Energy Global by 25.4% during the 3rd quarter. Invesco Ltd. now owns 2,349,062 shares of the company’s stock worth $18,088,000 after acquiring an additional 475,258 shares during the period. Finally, M&G PLC grew its stake in shares of ReNew Energy Global by 14.6% in the second quarter. M&G PLC now owns 2,188,498 shares of the company’s stock worth $15,319,000 after purchasing an additional 278,863 shares in the last quarter. Institutional investors and hedge funds 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.