ReNew Energy Global (NASDAQ:RNW) Stock Price Down 0.1% – Should You Sell?

ReNew Energy Global PLC (NASDAQ:RNW)’s share price traded down 0.1% during mid-day trading on Wednesday . The stock traded as low as $6.85 and last traded at $6.85. 4,039,184 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 2,762,992 shares. The stock had previously closed at $6.86.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RNW shares. Weiss Ratings upgraded shares of ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 24th. Mizuho cut their price objective on shares of ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating for the company in a research report on Monday, June 1st. Zacks Research cut shares of ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Roth Capital downgraded ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 26th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ReNew Energy Global currently has a consensus rating of “Hold” and an average price target of $6.39.

ReNew Energy Global Stock Performance

The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 21.34 and a beta of 1.14. The firm’s 50-day moving average price is $6.47 and its two-hundred day moving average price is $5.85. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.40 and a current ratio of 0.43.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings results on Tuesday, August 18th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05. ReNew Energy Global had a net margin of 7.24% and a return on equity of 7.71%. The firm had revenue of $472.92 million during the quarter, compared to analysts’ expectations of $459.86 million. Sell-side analysts predict that ReNew Energy Global PLC will post 0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. ABN Amro Investment Solutions acquired a new stake in shares of ReNew Energy Global during the 1st quarter worth about $4,396,000. Tejara Capital Ltd acquired a new position in ReNew Energy Global in the fourth quarter valued at about $1,553,000. Norges Bank bought a new stake in ReNew Energy Global during the fourth quarter worth about $58,238,000. SEB Asset Management AB bought a new stake in ReNew Energy Global during the first quarter worth about $436,000. Finally, Abacus Wealth Partners LLC increased its holdings in shares of ReNew Energy Global by 1,107.4% during the fourth quarter. Abacus Wealth Partners LLC now owns 155,474 shares of the company’s stock worth $878,000 after buying an additional 142,597 shares in the last quarter. 43.56% of the stock is currently owned by institutional investors and hedge funds.

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.