ReNew Energy Global PLC (NASDAQ:RNW) Stock Short Interest Jumps 50.8%

Key Points

• Short interest in ReNew Energy Global jumped 50.8% to 2.67 million shares as of September 15, representing 0.8% of shares outstanding and 1.3 days of average trading volume.
• The stock traded near $6.83, within a 52-week range of $4.39 to $8.24. ReNew reported quarterly earnings of $0.17 per share and revenue of $472.92 million, exceeding analyst estimates.
• Analysts maintain a consensus “Hold” rating, with an average price target of $6.39; institutional investors own approximately 43.56% of the company.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report) was the target of a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 2,673,645 shares, an increase of 50.8% from the August 31st total of 1,772,731 shares. Based on an average daily trading volume, of 2,137,122 shares, the short-interest ratio is currently 1.3 days. Currently, 0.8% of the shares of the company are short sold.

ReNew Energy Global Stock Performance

ReNew Energy Global stock traded down $0.01 during midday trading on Thursday, hitting $6.83. The stock had a trading volume of 1,752,519 shares, compared to its average volume of 1,387,247. ReNew Energy Global has a 52-week low of $4.39 and a 52-week high of $8.24. The company has a market capitalization of $2.48 billion, a PE ratio of 21.34 and a beta of 1.14. The firm's fifty day moving average is $6.66 and its two-hundred day moving average is $5.99. The company has a current ratio of 0.43, a quick ratio of 0.40 and a debt-to-equity ratio of 3.35.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last issued 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. The business had revenue of $472.92 million for the quarter, compared to the consensus estimate of $459.86 million. ReNew Energy Global had a net margin of 7.24% and a return on equity of 7.71%. On average, research analysts forecast that ReNew Energy Global will post 0.23 EPS for the current year.

Analyst Upgrades and Downgrades

RNW has been the subject of a number of recent research reports. 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. Roth Capital cut ReNew Energy Global from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 26th. Finally, Weiss Ratings upgraded ReNew Energy Global from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, June 24th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $6.39.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. ABN Amro Investment Solutions bought a new stake in ReNew Energy Global during the first quarter valued at about $4,396,000. Norges Bank purchased a new position in shares of ReNew Energy Global in the fourth quarter valued at about $58,238,000. SEB Asset Management AB bought a new position in shares of ReNew Energy Global in the first quarter worth about $436,000. Athos Capital Ltd bought a new position in shares of ReNew Energy Global in the fourth quarter worth about $2,865,000. Finally, State of Wyoming purchased a new stake in shares of ReNew Energy Global during the first quarter worth about $233,000. Hedge funds and other institutional investors own 43.56% of the company's stock.

About ReNew Energy Global

ReNew Energy Global plc is a renewable energy company focused on developing, owning and operating clean power projects in India. Its portfolio is centered on utility-scale wind and solar generation, with additional activities in hydropower, energy storage and other clean-energy infrastructure.

The company supplies renewable electricity to utilities, commercial and industrial customers, and other counterparties through long-term power arrangements. ReNew has also expanded into emerging decarbonization opportunities, including green hydrogen and related clean-energy solutions, as well as projects intended to improve the reliability and integration of renewable power.

Founded in 2011 by Sumant Sinha, ReNew is headquartered in Gurugram, India, and primarily serves the Indian market.

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