ReNew Energy Global (NASDAQ:RNW) Sees Strong Trading Volume

ReNew Energy Global Plc (NASDAQ:RNW) saw an uptick in trading volume on Tuesday . 253,721 shares traded hands during mid-day trading, a decline of 55% from the previous session’s volume of 564,636 shares.The stock last traded at $5.99 and had previously closed at $5.97.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on RNW shares. The Goldman Sachs Group increased their target price on ReNew Energy Global from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Mizuho increased their price objective on ReNew Energy Global from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, January 3rd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $8.55.

ReNew Energy Global Stock Up 2.0 %

The firm has a 50 day moving average of $6.44 and a two-hundred day moving average of $6.33. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 4.57. The stock has a market capitalization of $2.24 billion, a PE ratio of 60.00 and a beta of 0.93.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The firm had revenue of $232.00 million for the quarter, compared to analyst estimates of $195.90 million. ReNew Energy Global had a return on equity of 2.96% and a net margin of 3.61%. During the same period last year, the firm earned ($0.15) EPS.

Institutional Trading of ReNew Energy Global

Institutional investors and hedge funds have recently modified their holdings of the business. Rubric Capital Management LP boosted its stake in shares of ReNew Energy Global by 5.3% during the fourth quarter. Rubric Capital Management LP now owns 10,420,000 shares of the company’s stock valued at $79,817,000 after acquiring an additional 522,574 shares during the last quarter. BlackRock Inc. grew its holdings in shares of ReNew Energy Global by 9.3% during the second quarter. BlackRock Inc. now owns 3,929,082 shares of the company’s stock worth $21,531,000 after buying an additional 335,450 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of ReNew Energy Global by 665.4% during the first quarter. First Trust Advisors LP now owns 2,738,862 shares of the company’s stock worth $22,513,000 after buying an additional 2,381,013 shares in the last quarter. Sylebra Capital Ltd raised its position in shares of ReNew Energy Global by 3.1% in the first quarter. Sylebra Capital Ltd now owns 2,653,377 shares of the company’s stock valued at $14,912,000 after buying an additional 78,915 shares during the last quarter. Finally, Sylebra Capital LLC lifted its stake in shares of ReNew Energy Global by 1.5% during the fourth quarter. Sylebra Capital LLC now owns 2,610,337 shares of the company’s stock valued at $19,995,000 after buying an additional 39,110 shares during the period. Hedge funds and other institutional investors own 43.56% of the company’s stock.

About ReNew Energy Global

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.