ReNew Energy Global PLC (NASDAQ:RNW) Short Interest Up 22.2% in February

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a significant growth in short interest in February. As of February 27th, there was short interest totaling 3,584,682 shares, a growth of 22.2% from the February 12th total of 2,934,207 shares. Based on an average daily trading volume, of 684,149 shares, the short-interest ratio is currently 5.2 days. Currently, 1.1% of the shares of the stock are short sold. Currently, 1.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 684,149 shares, the short-interest ratio is currently 5.2 days.

Analysts Set New Price Targets

RNW has been the subject of several research analyst reports. Weiss Ratings downgraded shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Morgan Stanley set a $6.03 price target on ReNew Energy Global in a report on Monday, February 2nd. Finally, Mizuho dropped their price objective on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, December 16th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ReNew Energy Global presently has an average rating of “Reduce” and a consensus price target of $6.52.

ReNew Energy Global Trading Up 1.4%

Shares of RNW traded up $0.08 during trading hours on Monday, hitting $5.30. 813,956 shares of the stock were exchanged, compared to its average volume of 785,491. The company has a debt-to-equity ratio of 3.84, a current ratio of 0.57 and a quick ratio of 0.52. The firm has a market capitalization of $1.92 billion, a P/E ratio of 12.61 and a beta of 0.90. The business has a 50-day moving average of $5.41 and a 200-day moving average of $6.63. ReNew Energy Global has a fifty-two week low of $5.05 and a fifty-two week high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings results on Monday, February 16th. The company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.12. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%.The firm had revenue of $349.01 million during the quarter, compared to the consensus estimate of $262.33 million. On average, research analysts expect that ReNew Energy Global will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RNW. Corient Private Wealth LLC increased its stake in ReNew Energy Global by 17.8% in the fourth quarter. Corient Private Wealth LLC now owns 33,166 shares of the company’s stock valued at $187,000 after purchasing an additional 5,010 shares in the last quarter. Aristides Capital LLC boosted its position in shares of ReNew Energy Global by 4.5% during the 4th quarter. Aristides Capital LLC now owns 138,020 shares of the company’s stock worth $780,000 after purchasing an additional 5,920 shares in the last quarter. DGS Capital Management LLC acquired a new stake in shares of ReNew Energy Global in the 4th quarter valued at about $65,000. Invesco Ltd. increased its position in ReNew Energy Global by 6.5% in the 4th quarter. Invesco Ltd. now owns 2,501,501 shares of the company’s stock valued at $14,133,000 after buying an additional 152,439 shares in the last quarter. Finally, Man Group plc increased its position in ReNew Energy Global by 663.5% in the 4th quarter. Man Group plc now owns 2,046,780 shares of the company’s stock valued at $11,564,000 after buying an additional 1,778,705 shares in the last quarter. Institutional investors and hedge funds 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.