ReNew Energy Global (NASDAQ:RNW) Announces Quarterly Earnings Results

Key Points

• ReNew Energy Global exceeded quarterly expectations: It reported earnings of $0.17 per share versus the $0.16 consensus estimate, while revenue reached $490.17 million compared with expectations of $462.35 million.
• The stock remained at $6.85 during Monday trading, with a $2.50 billion market capitalization and a 1-year range of $4.39 to $7.69. The company carries elevated leverage, including a debt-to-equity ratio of 3.35.
• Analyst sentiment is cautious: Roth Capital and Zacks Research downgraded the stock to “Hold,” and the consensus rating is Hold with a target price of $6.39.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) posted its quarterly earnings data on Monday. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01, FiscalAI reports. ReNew Energy Global had a return on equity of 7.71% and a net margin of 7.24%. The business had revenue of $490.17 million for the quarter, compared to analysts' expectations of $462.35 million.

ReNew Energy Global Price Performance

NASDAQ:RNW remained flat at $6.85 during mid-day trading on Monday. 1,622,088 shares of the company traded hands, compared to its average volume of 1,385,924. ReNew Energy Global has a 1-year low of $4.39 and a 1-year high of $7.69. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.40 and a current ratio of 0.43. The company has a 50 day moving average price of $6.85 and a two-hundred day moving average price of $5.97. The stock has a market cap of $2.50 billion, a P/E ratio of 21.41 and a beta of 1.22.

Analysts Set New Price Targets

RNW has been the subject of a number of research analyst reports. Roth Capital cut ReNew Energy Global from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 26th. Zacks Research lowered ReNew Energy Global from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Four equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $6.39.

About ReNew Energy Global

ReNew Energy Global plc NASDAQ: RNW is a renewable energy company focused on developing, owning, and operating clean power projects in India. Its portfolio includes utility-scale wind, solar, and hydroelectric generation, as well as hybrid renewable energy projects that combine multiple technologies to support more consistent electricity production.

The company also pursues related clean-energy opportunities, including battery storage, green hydrogen, and other decarbonization solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.