ReNew Energy Global (NASDAQ:RNW) Sees Strong Trading Volume - Here's What Happened

Key Points

• Trading activity increased but remained below the prior session: About 1.02 million RNW shares changed hands, down 13% from the previous session, while the stock slipped 0.6% to $6.815.
• Analyst sentiment is neutral. ReNew Energy Global has a consensus “Hold” rating from three analysts, with an average price target of $6.39; Mizuho recently cut its target to $6.75, while Weiss Ratings upgraded the stock to “Hold.”
• Quarterly results exceeded revenue expectations: The company reported $0.10 in EPS and $340 million in revenue versus analysts’ $291.8 million estimate. Hedge funds and institutional investors own 43.56% of the company.

Shares of ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report) saw an uptick in trading volume on Wednesday . 1,017,503 shares traded hands during mid-day trading, a decline of 13% from the previous session's volume of 1,173,966 shares.The stock last traded at $6.8150 and had previously closed at $6.85.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Weiss Ratings upgraded shares of ReNew Energy Global from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, June 24th. Mizuho lowered their price target on shares of ReNew Energy Global from $7.00 to $6.75 and set a "neutral" rating for the company in a research report on Monday, June 1st. Finally, Zacks Research downgraded shares of ReNew Energy Global from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, ReNew Energy Global has a consensus rating of "Hold" and a consensus target price of $6.39.

ReNew Energy Global Stock Down 0.6%

The business has a 50 day moving average of $6.21 and a two-hundred day moving average of $5.63. The stock has a market capitalization of $2.47 billion, a PE ratio of 21.97 and a beta of 1.12. The company has a debt-to-equity ratio of 3.66, a quick ratio of 0.38 and a current ratio of 0.43.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last posted its earnings results on Thursday, June 25th. The company reported $0.10 earnings per share (EPS) for the quarter. The company had revenue of $340.00 million for the quarter, compared to analyst estimates of $291.80 million. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%. Analysts predict that ReNew Energy Global PLC will post 0.22 EPS for the current year.

Hedge Funds Weigh In On ReNew Energy Global

Several hedge funds have recently modified their holdings of RNW. Quantbot Technologies LP acquired a new stake in ReNew Energy Global in the 2nd quarter worth approximately $29,000. Farther Finance Advisors LLC grew its holdings in shares of ReNew Energy Global by 213.9% during the fourth quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company's stock valued at $31,000 after buying an additional 3,750 shares during the last quarter. Quarry LP purchased a new stake in shares of ReNew Energy Global during the third quarter valued at $33,000. SBI Securities Co. Ltd. acquired a new position in shares of ReNew Energy Global in the 4th quarter valued at $37,000. Finally, DGS Capital Management LLC purchased a new position in ReNew Energy Global in the 4th quarter worth $65,000. Institutional investors and hedge funds own 43.56% of the company's stock.

About ReNew Energy Global

ReNew Energy Global PLC is an independent power producer specializing in the development, construction, ownership and operation of utility-scale renewable energy projects. Headquartered in Gurugram, India, the company focuses on onshore wind farms, solar photovoltaic plants and hybrid energy systems, often paired with battery energy storage to enhance grid stability and dispatch flexibility. ReNew Energy Global markets electricity under long-term power purchase agreements, serving utilities, distribution companies and corporate offtakers.

The company’s core business activities encompass site identification, project design, procurement, construction management and ongoing asset management.

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