ReNew Energy Global (NASDAQ:RNW) Stock Rating Upgraded by Zacks Research

ReNew Energy Global (NASDAQ:RNW) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Several other analysts also recently weighed in on the company. Morgan Stanley set a $6.03 price objective on ReNew Energy Global in a report on Monday, February 2nd. Weiss Ratings downgraded ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.52.

ReNew Energy Global Stock Performance

RNW stock opened at $5.55 on Tuesday. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.42 and a quick ratio of 0.52. The business has a 50-day moving average price of $5.10 and a 200 day moving average price of $5.78. The company has a market capitalization of $2.01 billion, a P/E ratio of 17.90 and a beta of 1.07. ReNew Energy Global has a 1-year low of $4.39 and a 1-year high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings data on Monday, May 18th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.17. The firm had revenue of $355.59 million during the quarter, compared to the consensus estimate of $307.73 million. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%. As a group, equities research analysts forecast that ReNew Energy Global will post 0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in RNW. Norges Bank purchased a new position in ReNew Energy Global in the fourth quarter valued at about $58,238,000. State Street Corp grew its stake in ReNew Energy Global by 484.6% in the fourth quarter. State Street Corp now owns 2,779,666 shares of the company’s stock valued at $15,705,000 after purchasing an additional 2,304,172 shares during the last quarter. Man Group plc grew 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 valued at $11,564,000 after purchasing an additional 1,778,705 shares during the last quarter. ABN Amro Investment Solutions purchased a new position in ReNew Energy Global in the first quarter valued at about $4,396,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in ReNew Energy Global by 881.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 907,749 shares of the company’s stock valued at $5,129,000 after purchasing an additional 815,290 shares during 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 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.