ReNew Energy Global (NASDAQ:RNW) Trading Down 5.9%

ReNew Energy Global Plc (NASDAQ:RNW - Get Free Report) shares traded down 5.9% on Friday . The stock traded as low as $6.05 and last traded at $6.07. 328,638 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 815,147 shares. The stock had previously closed at $6.45.

Analyst Upgrades and Downgrades

Separately, Roth Mkm dropped their price target on ReNew Energy Global from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, April 11th.

ReNew Energy Global Price Performance

The company has a debt-to-equity ratio of 4.57, a quick ratio of 0.84 and a current ratio of 0.85. The company's 50 day moving average price is $5.96 and its 200-day moving average price is $6.40. The company has a market cap of $2.21 billion, a price-to-earnings ratio of 59.60 and a beta of 0.91.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last released its quarterly earnings data 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 company had revenue of $232.00 million for the quarter, compared to the consensus estimate of $195.90 million. ReNew Energy Global had a return on equity of 2.96% and a net margin of 3.61%. During the same period in the prior year, the business earned ($0.15) earnings per share. On average, equities research analysts forecast that ReNew Energy Global Plc will post 0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Tidal Investments LLC increased its stake in ReNew Energy Global by 3.5% in the 1st quarter. Tidal Investments LLC now owns 87,575 shares of the company's stock valued at $525,000 after buying an additional 2,924 shares during the period. MQS Management LLC acquired a new position in shares of ReNew Energy Global in the first quarter worth $171,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of ReNew Energy Global by 14.3% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 270,048 shares of the company's stock worth $1,620,000 after acquiring an additional 33,835 shares in the last quarter. Picton Mahoney Asset Management boosted its position in ReNew Energy Global by 13.1% during the first quarter. Picton Mahoney Asset Management now owns 1,155,774 shares of the company's stock valued at $6,934,000 after purchasing an additional 133,534 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in ReNew Energy Global in the first quarter valued at about $959,000. Hedge funds and other 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.