ReNew Energy Global (NASDAQ:RNW) Sees Large Volume Increase – Here’s Why

by · The Markets Daily

ReNew Energy Global Plc (NASDAQ:RNW – Get Free Report) shares saw unusually-strong trading volume on Thursday . Approximately 1,324,291 shares were traded during mid-day trading, an increase of 49% from the previous session’s volume of 888,744 shares.The stock last traded at $6.00 and had previously closed at $5.99.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RNW. Roth Mkm cut their target price on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Monday, August 19th. Morgan Stanley cut shares of ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, September 26th.

View Our Latest Analysis on ReNew Energy Global

ReNew Energy Global Price Performance

The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 49.25 and a beta of 0.94. The company has a quick ratio of 0.66, a current ratio of 0.67 and a debt-to-equity ratio of 4.65. The business’s 50 day simple moving average is $5.96 and its 200-day simple moving average is $5.96.

Hedge Funds Weigh In On ReNew Energy Global

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Syon Capital LLC lifted its stake in ReNew Energy Global by 89.4% in the fourth quarter. Syon Capital LLC now owns 32,395 shares of the company’s stock worth $248,000 after acquiring an additional 15,295 shares during the period. Counterpoint Mutual Funds LLC bought a new position in shares of ReNew Energy Global during the 1st quarter valued at approximately $275,000. Everett Harris & Co. CA bought a new position in shares of ReNew Energy Global during the 1st quarter valued at approximately $90,000. Mirae Asset Global Investments Co. Ltd. grew its position in ReNew Energy Global by 38.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 177,305 shares of the company’s stock valued at $980,000 after acquiring an additional 48,901 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of ReNew Energy Global by 261.6% in the 1st quarter. Jennison Associates LLC now owns 144,133 shares of the company’s stock worth $865,000 after buying an additional 104,278 shares during the period. 43.56% of the stock is owned by hedge funds and other institutional investors.

ReNew Energy Global Company Profile

(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.

Featured Stories