ReNew Energy Global (NASDAQ:RNW) Hits New 12-Month High - What's Next?

Key Points

• ReNew Energy Global PLC hit a new 52-week high of $7.89 during trading, closing at $7.83 with a volume of 456,875 shares.
• The company reported $0.16 earnings per share for the last quarter, surpassing analyst estimates of $0.11.
• Institutional investors have shown increased interest, with Bank of America lifting its holdings by 722.2% in the fourth quarter.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report)'s stock price hit a new 52-week high on Monday . The company traded as high as $7.89 and last traded at $7.83, with a volume of 456875 shares. The stock had previously closed at $7.61.

ReNew Energy Global Stock Up 0.1%

The stock has a market capitalization of $2.85 billion, a P/E ratio of 24.52 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 moving average is $7.64 and its two-hundred day moving average is $6.92.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last issued its 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. The firm had revenue of $480.35 million during the quarter, compared to analysts' expectations of $32.46 billion. ReNew Energy Global had a net margin of 5.77% and a return on equity of 8.34%. As a group, research analysts predict that ReNew Energy Global PLC will post 0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds have recently made changes to their positions in RNW. Point72 Asset Management L.P. purchased a new stake in shares of ReNew Energy Global in the 4th quarter valued at approximately $25,000. BNP Paribas Financial Markets purchased a new stake in ReNew Energy Global in the 4th quarter worth approximately $25,000. Quantbot Technologies LP purchased a new stake in ReNew Energy Global in the 2nd quarter worth approximately $29,000. Evergreen Capital Management LLC purchased a new stake in ReNew Energy Global in the 2nd quarter worth approximately $74,000. Finally, Parallel Advisors LLC lifted its position in ReNew Energy Global by 766.0% in the 2nd quarter. Parallel Advisors LLC now owns 11,041 shares of the company's stock worth $76,000 after buying an additional 9,766 shares in the last quarter. 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.