Bank of America Corp DE Decreases Position in ReNew Energy Global PLC $RNW

Key Points

• Bank of America cut its ReNew Energy Global stake by 71.7% in the first quarter, selling 152,800 shares and retaining 60,209 shares worth approximately $276,000.
• Several institutional investors initiated positions, including Norges Bank, which acquired approximately $58.2 million in shares. Institutional investors and hedge funds collectively own 43.56% of RNW.
• ReNew exceeded quarterly expectations, reporting $0.17 in earnings per share and $472.9 million in revenue, but analysts maintain a consensus “Hold” rating with a $6.39 price target.

Bank of America Corp DE lessened its stake in ReNew Energy Global PLC (NASDAQ:RNW - Free Report) by 71.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 60,209 shares of the company's stock after selling 152,800 shares during the quarter. Bank of America Corp DE's holdings in ReNew Energy Global were worth $276,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. ABN Amro Investment Solutions acquired a new position in shares of ReNew Energy Global during the first quarter valued at approximately $4,396,000. Tejara Capital Ltd acquired a new stake in shares of ReNew Energy Global in the 4th quarter valued at $1,553,000. Norges Bank acquired a new position in shares of ReNew Energy Global during the 4th quarter valued at about $58,238,000. SEB Asset Management AB acquired a new position in ReNew Energy Global during the 1st quarter valued at $436,000. Finally, Athos Capital Ltd bought a new stake in ReNew Energy Global in the fourth quarter valued at about $2,865,000. 43.56% of the stock is owned by institutional investors and hedge funds.

ReNew Energy Global Price Performance

NASDAQ:RNW opened at $6.85 on Friday. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 21.41 and a beta of 1.14. The stock's 50 day moving average price is $6.47 and its two-hundred day moving average price is $5.85. ReNew Energy Global PLC has a 12-month low of $4.39 and a 12-month high of $8.24. The company has a quick ratio of 0.40, a current ratio of 0.43 and a debt-to-equity ratio of 3.35.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last released its quarterly earnings results on Tuesday, August 18th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.05. ReNew Energy Global had a net margin of 7.24% and a return on equity of 7.71%. The firm had revenue of $472.92 million for the quarter, compared to analysts' expectations of $459.86 million. On average, analysts anticipate that ReNew Energy Global PLC will post 0.23 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RNW. Roth Capital lowered shares of ReNew Energy Global from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. Mizuho dropped their target price on shares of ReNew Energy Global from $7.00 to $6.75 and set a "neutral" rating for the company in a research report on Monday, June 1st. Zacks Research cut shares of ReNew Energy Global from a "strong-buy" rating to a "hold" rating in a report on Friday, July 17th. Finally, Weiss Ratings upgraded shares of ReNew Energy Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, ReNew Energy Global has an average rating of "Hold" and a consensus price target of $6.39.

ReNew Energy Global Profile

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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