ReNew Energy Global (NASDAQ:RNW) Posts Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• ReNew Energy Global reported **$0.16 EPS**, surpassing analyst expectations of **$0.11 EPS** by **$0.05**.
• The company’s revenue for the quarter was **$480.35 million**, significantly lower than analyst estimates of **$32.46 billion**.
• ReNew Energy Global's stock increased to **$7.77** during trading, with a **market cap of $2.82 billion** and a **P/E ratio of 24.28**.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) issued its earnings results on Wednesday, August 13th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05, Zacks reports. The business 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 8.34%.

ReNew Energy Global Stock Down 0.6%

Shares of NASDAQ RNW traded down $0.05 during trading on Wednesday, hitting $7.70. 371,719 shares of the company traded hands, compared to its average volume of 772,779. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 24.06 and a beta of 0.89. The business's fifty day moving average is $7.34 and its 200 day moving average is $6.72. The company has a debt-to-equity ratio of 4.42, a quick ratio of 0.73 and a current ratio of 0.77. ReNew Energy Global has a fifty-two week low of $5.15 and a fifty-two week high of $7.89.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. State of Wyoming boosted its holdings in ReNew Energy Global by 111.4% in the second quarter. State of Wyoming now owns 18,903 shares of the company's stock worth $131,000 after acquiring an additional 9,962 shares in the last quarter. Evergreen Capital Management LLC bought a new stake in shares of ReNew Energy Global during the second quarter valued at approximately $74,000. Corient Private Wealth LLC raised its position in shares of ReNew Energy Global by 6.9% during the second quarter. Corient Private Wealth LLC now owns 28,643 shares of the company's stock worth $198,000 after purchasing an additional 1,849 shares during the period. Tidal Investments LLC raised its position in shares of ReNew Energy Global by 15.4% during the second quarter. Tidal Investments LLC now owns 13,153 shares of the company's stock worth $91,000 after purchasing an additional 1,752 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in shares of ReNew Energy Global by 75.0% in the 2nd 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. 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.