ReNew Energy Global PLC (NASDAQ:RNW) Short Interest Down 25.4% in January
by Tristan Rich · The Markets DailyReNew Energy Global PLC (NASDAQ:RNW – Get Free Report) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totaling 2,830,318 shares, a decrease 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 short-interest ratio is presently 3.3 days. Approximately 0.9% of the shares of the company are sold short. Approximately 0.9% of the shares of the company are sold short. Based on an average daily trading volume, of 863,752 shares, the short-interest ratio is presently 3.3 days.
ReNew Energy Global Stock Down 0.2%
ReNew Energy Global stock traded down $0.01 during mid-day trading on Friday, hitting $5.42. 612,372 shares of the company’s stock were exchanged, compared to its average volume of 842,474. ReNew Energy Global has a 1-year low of $5.05 and a 1-year high of $8.24. The stock has a 50 day moving average of $6.11 and a two-hundred day moving average of $7.11. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 4.34. The stock has a market cap of $1.97 billion, a P/E ratio of 17.48 and a beta of 0.91.
ReNew Energy Global (NASDAQ:RNW – Get Free Report) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. The company had revenue of $433.94 million during the quarter, compared to the consensus estimate of $403.19 million. As a group, analysts anticipate that ReNew Energy Global will post 0.15 EPS for the current fiscal year.
Institutional Investors Weigh In On ReNew Energy Global
Several hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in ReNew Energy Global in the 2nd quarter valued at approximately $29,000. Farther Finance Advisors LLC raised its stake in 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 buying an additional 3,750 shares during the period. Quarry LP bought a new position in shares of ReNew Energy Global in the third quarter valued at about $33,000. Prime Capital Investment Advisors LLC bought a new position in shares of ReNew Energy Global during the fourth quarter worth approximately $70,000. Finally, Evergreen Capital Management LLC acquired a new position in shares of ReNew Energy Global in the second quarter valued at about $74,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of brokerages have issued reports on RNW. Weiss Ratings restated a “hold (c)” rating on shares of ReNew Energy Global in a research report on Monday, December 29th. Mizuho dropped their target price on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday, December 16th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.25.
Check Out Our Latest Stock Analysis on ReNew Energy Global
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.