ReNew Energy Global PLC (NASDAQ:RNW) Short Interest Down 25.4% in January

by · The Cerbat Gem

ReNew Energy Global PLC (NASDAQ:RNW – Get Free Report) was the recipient of a large decline in short interest in January. As of January 15th, there was short interest totaling 2,830,318 shares, a decline of 25.4% from the December 31st total of 3,795,308 shares. Based on an average daily trading volume, of 863,752 shares, the days-to-cover ratio is currently 3.3 days. Approximately 0.9% of the company’s stock are short sold. Approximately 0.9% of the company’s stock are short sold. Based on an average daily trading volume, of 863,752 shares, the days-to-cover ratio is currently 3.3 days.

ReNew Energy Global Price Performance

NASDAQ:RNW traded down $0.02 during midday trading on Monday, hitting $5.41. The company had a trading volume of 230,586 shares, compared to its average volume of 869,169. The stock’s fifty day moving average price is $6.11 and its 200-day moving average price is $7.11. ReNew Energy Global has a 52-week low of $5.05 and a 52-week high of $8.24. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 4.34. The company has a market capitalization of $1.96 billion, a PE ratio of 17.44 and a beta of 0.91.

ReNew Energy Global (NASDAQ:RNW – Get Free Report) last issued its earnings results on Monday, November 10th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.04). ReNew Energy Global had a return on equity of 7.90% and a net margin of 5.37%.The firm had revenue of $433.94 million during the quarter, compared to analysts’ expectations of $403.19 million. As a group, research analysts expect that ReNew Energy Global will post 0.15 earnings per share for the current year.

Institutional Investors Weigh In On ReNew Energy Global

Several institutional investors and hedge funds have recently bought and sold shares of RNW. Quantbot Technologies LP purchased a new stake in ReNew Energy Global in the second quarter worth $29,000. Farther Finance Advisors LLC lifted its position in shares of ReNew Energy Global by 213.9% in the fourth quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company’s stock valued at $31,000 after acquiring an additional 3,750 shares in the last quarter. Quarry LP bought a new position in ReNew Energy Global in the 3rd quarter valued at $33,000. Prime Capital Investment Advisors LLC purchased a new stake in shares of ReNew Energy Global in the 4th quarter worth $70,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of ReNew Energy Global in the 2nd quarter worth $74,000. Hedge funds and other institutional investors own 43.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RNW shares. Mizuho decreased their target price on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 16th. Weiss Ratings reissued a “hold (c)” rating on shares of ReNew Energy Global in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, ReNew Energy Global currently has an average rating of “Hold” and an average price target of $7.25.

Get Our Latest Research Report on ReNew Energy Global

About ReNew Energy Global

(Get Free Report)

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.

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