ReNew Energy Global (NASDAQ:RNW) Releases Earnings Results, Beats Expectations 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) announced its quarterly earnings results on Wednesday. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.11 by $0.05, Zacks reports. ReNew Energy Global had a net margin of 5.77% and a return on equity of 8.43%. The company had revenue of $480.35 million for the quarter, compared to analyst estimates of $32.46 billion.

ReNew Energy Global Price Performance

ReNew Energy Global stock traded up $0.07 during trading hours on Friday, reaching $7.77. 1,859,033 shares of the stock were exchanged, compared to its average volume of 980,155. The stock has a 50 day moving average of $7.27 and a two-hundred day moving average of $6.68. ReNew Energy Global has a twelve month low of $5.15 and a twelve month high of $7.88. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 4.44. The company has a market cap of $2.82 billion, a P/E ratio of 24.28 and a beta of 0.89.

Institutional Investors Weigh In On ReNew Energy Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNW. JPMorgan Chase & Co. lifted its position in shares of ReNew Energy Global by 94.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company's stock valued at $4,439,000 after buying an additional 311,297 shares in the last quarter. Lazard Asset Management LLC boosted its position in ReNew Energy Global by 75.0% during the second quarter. Lazard Asset Management LLC now owns 108,096 shares of the company's stock valued at $746,000 after purchasing an additional 46,341 shares in the last quarter. BNP Paribas Financial Markets raised its stake in ReNew Energy Global by 1,217.7% in the second quarter. BNP Paribas Financial Markets now owns 72,647 shares of the company's stock valued at $502,000 after buying an additional 67,134 shares during the last quarter. Cerity Partners LLC raised its stake in shares of ReNew Energy Global by 9.3% in 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 during the last quarter. Finally, Bank of America Corp DE raised its position in ReNew Energy Global by 722.2% during the fourth quarter. Bank of America Corp DE now owns 15,621 shares of the company's stock valued at $107,000 after acquiring an additional 13,721 shares in the last quarter. 43.56% of the stock is currently 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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