ReNew Energy Global (NASDAQ:RNW) Sees Strong Trading Volume – What’s Next?

by · The Cerbat Gem

ReNew Energy Global PLC (NASDAQ:RNW – Get Free Report) saw an uptick in trading volume on Tuesday . 1,619,206 shares changed hands during trading, an increase of 57% from the previous session’s volume of 1,032,886 shares.The stock last traded at $5.2450 and had previously closed at $5.50.

Analyst Upgrades and Downgrades

RNW has been the subject of several research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of ReNew Energy Global in a research note on Monday, December 8th. Mizuho cut their price target on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.25.

Get Our Latest Analysis on ReNew Energy Global

ReNew Energy Global Price Performance

The company has a 50-day simple moving average of $7.55 and a 200-day simple moving average of $7.48. The stock has a market cap of $1.91 billion, a PE ratio of 16.92 and a beta of 0.88. The company has a debt-to-equity ratio of 4.34, a current ratio of 0.77 and a quick ratio of 0.74.

ReNew Energy Global (NASDAQ:RNW – Get Free Report) last posted its earnings results on Monday, November 10th. The company reported $0.13 earnings per share 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 analysts’ expectations of $403.19 million. ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. Sell-side analysts anticipate that ReNew Energy Global PLC will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PharVision Advisers LLC acquired a new stake in shares of ReNew Energy Global during the third quarter worth $203,000. XTX Topco Ltd acquired a new position in shares of ReNew Energy Global during the third quarter worth approximately $722,000. Voleon Capital Management LP bought a new position in ReNew Energy Global in the 3rd quarter worth approximately $1,049,000. Quarry LP acquired a new stake in ReNew Energy Global in the 3rd quarter valued at approximately $33,000. Finally, MASO CAPITAL PARTNERS Ltd bought a new stake in ReNew Energy Global during the 3rd quarter valued at $2,177,000. Institutional investors and hedge funds own 43.56% of the company’s stock.

About ReNew Energy Global

(Get Free Report)

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.

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