ReNew Energy Global (NASDAQ:RNW) Stock Price Down 0.1% - What's Next?

Key Points

• ReNew Energy Global shares slipped 0.1% to $6.85, while trading volume rose 46% above the daily average to about 4.04 million shares.
• Analyst sentiment is cautious: four analysts rate the stock “Hold,” with a consensus price target of $6.39. Roth Capital and Zacks Research both downgraded the shares to Hold, while Mizuho lowered its target to $6.75.
• The company exceeded quarterly expectations, reporting $0.17 in EPS versus a $0.12 consensus and revenue of $472.92 million versus $459.86 million. Institutional investors own 43.56% of the stock, including significant recent purchases by Norges Bank, State Street and Man Group.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report) shares traded down 0.1% during mid-day trading on Wednesday . The stock traded as low as $6.85 and last traded at $6.85. 4,039,184 shares changed hands during mid-day trading, an increase of 46% from the average daily volume of 2,762,992 shares. The stock had previously closed at $6.86.

Wall Street Analysts Forecast Growth

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

ReNew Energy Global Stock Performance

The business's 50 day simple moving average is $6.45 and its two-hundred day simple moving average is $5.84. The firm has a market capitalization of $2.48 billion, a PE ratio of 21.41 and a beta of 1.14. 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 released its quarterly earnings results on Tuesday, August 18th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.05. The firm had revenue of $472.92 million for the quarter, compared to the consensus estimate of $459.86 million. ReNew Energy Global had a return on equity of 7.71% and a net margin of 7.24%. Research analysts expect that ReNew Energy Global PLC will post 0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of ReNew Energy Global during the 4th quarter valued at $58,238,000. State Street Corp increased its holdings in shares of ReNew Energy Global by 484.6% in the fourth quarter. State Street Corp now owns 2,779,666 shares of the company's stock worth $15,705,000 after purchasing an additional 2,304,172 shares during the last quarter. Man Group plc raised its holdings in shares of ReNew Energy Global by 663.5% during the 4th quarter. Man Group plc now owns 2,046,780 shares of the company's stock worth $11,564,000 after acquiring an additional 1,778,705 shares in the last quarter. ABN Amro Investment Solutions purchased a new stake in ReNew Energy Global during the first quarter valued at $4,396,000. Finally, Athos Capital Ltd purchased a new stake in shares of ReNew Energy Global during the 4th quarter valued at about $2,865,000. 43.56% of the stock is currently owned by hedge funds and other institutional investors.

ReNew Energy Global Company 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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