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

Key Points

• ReNew Energy Global reached a new 52-week high of $8.08 during trading, up 5.4% from its previous close of $7.70.
• The company's earnings per share for the last quarter was $0.16, exceeding analysts' expectations of $0.11, with revenues reported at $480.35 million.
• Institutional investors hold 43.56% of ReNew Energy’s stock, with several hedge funds recently acquiring new positions in the company.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $8.05 and last traded at $8.08, with a volume of 207301 shares changing hands. The stock had previously closed at $7.70.

ReNew Energy Global Stock Up 5.4%

The business's 50 day moving average is $7.65 and its 200-day moving average is $6.98. The company has a debt-to-equity ratio of 4.42, a quick ratio of 0.73 and a current ratio of 0.77. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of 25.36 and a beta of 0.89.

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

Institutional Trading of ReNew Energy Global

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets bought a new stake in ReNew Energy Global in the 4th quarter valued at $25,000. Quantbot Technologies LP bought a new position in shares of ReNew Energy Global during the 2nd quarter worth about $29,000. Evergreen Capital Management LLC bought a new position in shares of ReNew Energy Global during the 2nd quarter worth about $74,000. Parallel Advisors LLC lifted its holdings in shares of ReNew Energy Global by 766.0% during the 2nd quarter. Parallel Advisors LLC now owns 11,041 shares of the company's stock worth $76,000 after acquiring an additional 9,766 shares during the period. Finally, MQS Management LLC bought a new position in shares of ReNew Energy Global during the 1st quarter worth about $83,000. 43.56% of the stock is owned by institutional investors.

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.

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