ReNew Energy Global (NASDAQ:RNW) Reaches New 52-Week High - Should You Buy?

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 during trading on Friday . The company traded as high as $7.76 and last traded at $7.84, with a volume of 170648 shares. The stock had previously closed at $7.70.

ReNew Energy Global Price Performance

The firm has a market capitalization of $2.79 billion, a P/E ratio of 24.06 and a beta of 0.89. The company has a debt-to-equity ratio of 4.42, a current ratio of 0.77 and a quick ratio of 0.73. The stock's fifty day simple moving average is $7.34 and its 200 day simple moving average is $6.72.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.05. ReNew Energy Global had a return on equity of 8.34% and a net margin of 5.77%.The business had revenue of $480.35 million for the quarter, compared to analyst estimates of $32.46 billion. On average, equities research analysts predict that ReNew Energy Global PLC will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of RNW. Barclays PLC lifted its holdings in ReNew Energy Global by 21.8% in the fourth quarter. Barclays PLC now owns 32,123 shares of the company's stock valued at $219,000 after acquiring an additional 5,742 shares during the period. Mariner LLC lifted its holdings in ReNew Energy Global by 22.7% in the fourth quarter. Mariner LLC now owns 31,340 shares of the company's stock valued at $214,000 after acquiring an additional 5,801 shares during the period. XTX Topco Ltd purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at approximately $232,000. Hsbc Holdings PLC raised its stake in shares of ReNew Energy Global by 40.3% during the 4th quarter. Hsbc Holdings PLC now owns 16,710 shares of the company's stock worth $115,000 after buying an additional 4,799 shares during the period. Finally, Alpine Global Management LLC purchased a new position in shares of ReNew Energy Global during the 4th quarter valued at approximately $990,000. 43.56% of the stock is 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.