ReNew Energy Global (NASDAQ:RNW) Hits New 1-Year High - Here's Why

Key Points

• ReNew Energy Global PLC's stock price reached a new 52-week high at $7.84, up from a previous close of $7.70, with a trading volume of 170,648 shares.
• The company reported a quarterly earnings per share (EPS) of $0.16, exceeding analyst predictions of $0.11, and reported revenue of $480.35 million, significantly lower than expectations of $32.46 billion.
• Institutional investors have increased their stakes in ReNew Energy Global, with notable raises from Lazard Asset Management and BNP Paribas Financial Markets, reflecting growing investor interest in the firm.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report)'s share price hit a new 52-week high on Friday . The stock traded as high as $7.76 and last traded at $7.84, with a volume of 170648 shares trading hands. The stock had previously closed at $7.70.

ReNew Energy Global Stock Performance

The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 24.35 and a beta of 0.89. The company has a debt-to-equity ratio of 4.44, a quick ratio of 0.58 and a current ratio of 0.60. The firm's 50-day moving average price is $7.27 and its two-hundred day moving average price is $6.68.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 13th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. The firm had revenue of $480.35 million for the quarter, compared to analyst estimates of $32.46 billion. ReNew Energy Global had a net margin of 5.77% and a return on equity of 8.43%. Sell-side analysts predict that ReNew Energy Global PLC will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On ReNew Energy Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lazard Asset Management LLC lifted its position in shares of ReNew Energy Global by 75.0% during the second quarter. Lazard Asset Management LLC now owns 108,096 shares of the company's stock worth $746,000 after purchasing an additional 46,341 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of ReNew Energy Global by 1,217.7% during the second quarter. BNP Paribas Financial Markets now owns 72,647 shares of the company's stock worth $502,000 after purchasing an additional 67,134 shares in the last quarter. Cerity Partners LLC lifted its position in shares of ReNew Energy Global by 9.3% during the second quarter. Cerity Partners LLC now owns 26,085 shares of the company's stock worth $180,000 after purchasing an additional 2,225 shares in the last quarter. Groupe la Francaise lifted its position in shares of ReNew Energy Global by 1.4% during the second quarter. Groupe la Francaise now owns 320,591 shares of the company's stock worth $2,211,000 after purchasing an additional 4,282 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of ReNew Energy Global during the second quarter worth approximately $29,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

About ReNew Energy Global

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.

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