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

ReNew Energy Global PLC (NASDAQ:RNW) shares 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 trading hands.

Analyst Upgrades and Downgrades

RNW has been the topic of several recent analyst reports. Weiss Ratings lowered shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. Mizuho dropped their price target on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, December 16th. Finally, Morgan Stanley set a $6.03 price target on shares of ReNew Energy Global in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $6.84.

ReNew Energy Global Trading Up 3.0%

The firm has a fifty day moving average of $5.62 and a 200-day moving average of $6.93. The company has a debt-to-equity ratio of 4.34, a quick ratio of 0.74 and a current ratio of 0.77. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 17.77 and a beta of 0.91.

Hedge Funds Weigh In On ReNew Energy Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new position in ReNew Energy Global in the fourth quarter valued at about $58,238,000. Franklin Resources Inc. raised its holdings in ReNew Energy Global by 21.8% in the second quarter. Franklin Resources Inc. now owns 14,187,989 shares of the company’s stock valued at $98,039,000 after acquiring an additional 2,540,442 shares in the last quarter. State Street Corp boosted 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 during the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in ReNew Energy Global by 881.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 907,749 shares of the company’s stock valued at $5,129,000 after acquiring an additional 815,290 shares during the last quarter. Finally, Athos Capital Ltd acquired a new position in ReNew Energy Global during the 4th quarter worth $2,865,000. Hedge funds and other institutional investors own 43.56% of the company’s stock.

About ReNew Energy Global

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.