959,751 Shares in ReNew Energy Global PLC $RNW Bought by ABN Amro Investment Solutions

Key Points

• ABN Amro Investment Solutions bought a new position in ReNew Energy Global during the first quarter, purchasing 959,751 shares worth about $4.4 million. The stake represented about 0.26% of the company.
• ReNew Energy Global reported stronger-than-expected quarterly revenue of $340 million versus analysts’ expectations of $291.8 million, along with earnings of $0.10 per share. Analysts currently expect the company to earn $0.22 per share for the full fiscal year.
• Analyst sentiment remains cautious: Zacks downgraded the stock to Hold, Mizuho cut its price target to $6.75, and the consensus rating is now Hold with an average target price of $6.39.

ABN Amro Investment Solutions purchased a new position in shares of ReNew Energy Global PLC (NASDAQ:RNW - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 959,751 shares of the company's stock, valued at approximately $4,396,000. ABN Amro Investment Solutions owned 0.26% of ReNew Energy Global as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in ReNew Energy Global in the 2nd quarter worth approximately $29,000. Quarry LP purchased a new stake in shares of ReNew Energy Global in the 3rd quarter valued at $33,000. Farther Finance Advisors LLC boosted its holdings in shares of ReNew Energy Global by 213.9% in the 4th 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 during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of ReNew Energy Global in the fourth quarter worth $37,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of ReNew Energy Global in the second quarter worth $74,000. Hedge funds and other institutional investors own 43.56% of the company's stock.

ReNew Energy Global Stock Performance

Shares of NASDAQ:RNW opened at $6.22 on Thursday. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.42 and a quick ratio of 0.37. ReNew Energy Global PLC has a 1 year low of $4.39 and a 1 year high of $8.24. The firm has a market capitalization of $2.26 billion, a PE ratio of 20.06 and a beta of 1.12. The business's 50 day moving average price is $6.12 and its 200-day moving average price is $5.56.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last issued its earnings results on Thursday, June 25th. The company reported $0.10 EPS for the quarter. The business had revenue of $340.00 million during the quarter, compared to analysts' expectations of $291.80 million. ReNew Energy Global had a net margin of 7.18% and a return on equity of 7.57%. As a group, equities research analysts expect that ReNew Energy Global PLC will post 0.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Zacks Research downgraded shares of ReNew Energy Global from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 17th. Weiss Ratings raised ReNew Energy Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, June 24th. Finally, Mizuho reduced their price objective on ReNew Energy Global from $7.00 to $6.75 and set a "neutral" rating for the company in a research note on Monday, June 1st. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $6.39.

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.

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.