Short Interest in ReNew Energy Global PLC (NASDAQ:RNW) Decreases By 25.4%

ReNew Energy Global PLC (NASDAQ:RNW) was the target of a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 2,830,318 shares, a decrease of 25.4% from the December 31st total of 3,795,308 shares. Based on an average daily volume of 863,752 shares, the short-interest ratio is currently 3.3 days. Currently, 0.9% of the company’s shares are short sold. Currently, 0.9% of the company’s shares are short sold. Based on an average daily volume of 863,752 shares, the short-interest ratio is currently 3.3 days.

ReNew Energy Global Trading Down 0.9%

NASDAQ RNW traded down $0.05 during trading on Tuesday, hitting $5.36. The stock had a trading volume of 1,051,087 shares, compared to its average volume of 894,631. The company has a market capitalization of $1.94 billion, a PE ratio of 17.29 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 firm has a 50 day moving average price of $6.07 and a 200 day moving average price of $7.09. ReNew Energy Global has a twelve month low of $5.05 and a twelve month high of $8.24.

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

Hedge Funds Weigh In On ReNew Energy Global

Several institutional investors have recently modified their holdings of RNW. Bank of America Corp DE raised its stake in shares of ReNew Energy Global by 722.2% in the fourth quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock valued at $107,000 after acquiring an additional 13,721 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in ReNew Energy Global by 103.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 50,933 shares of the company’s stock worth $352,000 after purchasing an additional 25,913 shares in the last quarter. Carrera Capital Advisors increased its holdings in ReNew Energy Global by 164.5% during the 2nd quarter. Carrera Capital Advisors now owns 330,881 shares of the company’s stock worth $2,286,000 after purchasing an additional 205,782 shares during the period. Y Intercept Hong Kong Ltd raised its position in ReNew Energy Global by 487.4% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 104,056 shares of the company’s stock valued at $719,000 after purchasing an additional 86,342 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its stake in shares of ReNew Energy Global by 18.3% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 47,173 shares of the company’s stock valued at $326,000 after buying an additional 7,283 shares during the period. Institutional investors and hedge funds own 43.56% of the company’s stock.

Analysts Set New Price Targets

RNW has been the topic of several research analyst reports. Morgan Stanley set a $6.03 price objective on shares of ReNew Energy Global in a report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of ReNew Energy Global in a research report on Monday, December 29th. Finally, Mizuho decreased their price objective on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, December 16th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $6.84.

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.