ReNew Energy Global (NASDAQ:RNW) Reaches New 52-Week Low – Here’s What Happened

ReNew Energy Global PLC (NASDAQ:RNW)’s stock price reached a new 52-week low during trading on Monday . The company traded as low as $5.05 and last traded at $5.0190, with a volume of 121294 shares changing hands. The stock had previously closed at $5.07.

Analysts Set New Price Targets

RNW has been the subject of a number of recent analyst reports. Weiss Ratings lowered ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. Mizuho lowered their price target on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, December 16th. Finally, Morgan Stanley set a $6.03 price target on ReNew Energy Global in a research note on Monday, February 2nd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ReNew Energy Global has a consensus rating of “Reduce” and an average price target of $6.52.

ReNew Energy Global Stock Down 0.3%

The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 3.84. The stock has a market capitalization of $1.83 billion, a P/E ratio of 12.08 and a beta of 0.90. The company has a fifty day moving average price of $5.38 and a 200-day moving average price of $6.55.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings results on Monday, February 16th. The company reported $0.00 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $349.01 million during the quarter, compared to analysts’ expectations of $262.33 million. As a group, research analysts forecast that ReNew Energy Global PLC will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Quantbot Technologies LP purchased a new stake in ReNew Energy Global during the second quarter valued at $29,000. Farther Finance Advisors LLC grew its stake in shares of ReNew Energy Global by 213.9% in the 4th quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company’s stock worth $31,000 after buying an additional 3,750 shares in the last quarter. Quarry LP bought a new stake in shares of ReNew Energy Global in the 3rd quarter worth about $33,000. SBI Securities Co. Ltd. bought a new stake in shares of ReNew Energy Global in the 4th quarter worth about $37,000. Finally, DGS Capital Management LLC purchased a new stake in shares of ReNew Energy Global during the 4th quarter valued at about $65,000. 43.56% of the stock is owned by hedge funds and other institutional investors.

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.