Roth Capital Comments on ReNew Energy Global Plc's FY2024 Earnings (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW - Free Report) - Roth Capital boosted their FY2024 earnings estimates for shares of ReNew Energy Global in a report released on Wednesday, April 10th. Roth Capital analyst J. Clare now expects that the company will earn ($0.02) per share for the year, up from their prior estimate of ($0.10). The consensus estimate for ReNew Energy Global's current full-year earnings is $0.04 per share. Roth Capital also issued estimates for ReNew Energy Global's Q4 2024 earnings at ($0.11) EPS, Q3 2025 earnings at ($0.15) EPS and FY2025 earnings at ($0.02) EPS.

Several other research analysts have also issued reports on RNW. Mizuho increased their price target on shares of ReNew Energy Global from $8.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, January 3rd. The Goldman Sachs Group increased their price target on shares of ReNew Energy Global from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Wednesday, December 20th. Finally, Roth Mkm reduced their price objective on shares of ReNew Energy Global from $9.00 to $8.00 and set a "buy" rating for the company in a research note on Thursday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, ReNew Energy Global presently has an average rating of "Buy" and a consensus price target of $8.35.

ReNew Energy Global Trading Down 4.1 %

RNW traded down $0.23 during trading on Monday, hitting $5.38. 953,595 shares of the stock traded hands, compared to its average volume of 594,593. The company has a debt-to-equity ratio of 4.57, a current ratio of 0.85 and a quick ratio of 0.84. ReNew Energy Global has a 12-month low of $4.78 and a 12-month high of $7.79. The firm has a market capitalization of $2.01 billion, a P/E ratio of 53.80 and a beta of 0.91. The firm has a 50-day moving average of $6.23 and a 200 day moving average of $6.34.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The firm had revenue of $232.00 million for the quarter, compared to analysts' expectations of $195.90 million. ReNew Energy Global had a net margin of 3.61% and a return on equity of 2.96%. During the same period in the previous year, the company earned ($0.15) EPS.

Institutional Investors Weigh In On ReNew Energy Global

Several institutional investors and hedge funds have recently modified their holdings of RNW. Envestnet Asset Management Inc. bought a new stake in shares of ReNew Energy Global during the first quarter valued at approximately $93,000. JPMorgan Chase & Co. raised its position in shares of ReNew Energy Global by 2,782.7% during the first quarter. JPMorgan Chase & Co. now owns 133,788 shares of the company's stock valued at $1,100,000 after buying an additional 129,147 shares during the last quarter. Sei Investments Co. bought a new stake in shares of ReNew Energy Global during the first quarter valued at approximately $115,000. First Trust Advisors LP raised its position in shares of ReNew Energy Global by 665.4% during the first quarter. First Trust Advisors LP now owns 2,738,862 shares of the company's stock valued at $22,513,000 after buying an additional 2,381,013 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of ReNew Energy Global by 276.5% during the first quarter. Renaissance Technologies LLC now owns 80,200 shares of the company's stock valued at $659,000 after buying an additional 58,900 shares during the last quarter. Institutional investors own 43.56% of the company's stock.

ReNew Energy Global Company Profile

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.