ReNew Energy Global (NASDAQ:RNW) Sets New 1-Year High - Here's What Happened

Key Points

• ReNew Energy Global's share price reached a new 52-week high of $8.31 during trading, with the stock last trading at $8.09.
• The company reported earnings of $0.16 per share for the last quarter, exceeding analysts' expectations of $0.11, and had revenues of $480.35 million.
• Institutional investors hold 43.56% of the stock, with notable increases in holdings by Franklin Resources Inc. and Millennium Management LLC during recent quarters.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $8.31 and last traded at $8.09, with a volume of 7059 shares traded. The stock had previously closed at $8.06.

ReNew Energy Global Stock Performance

The stock's 50-day moving average price is $7.69 and its 200 day moving average price is $7.04. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 4.42. The company has a market cap of $2.93 billion, a P/E ratio of 25.24 and a beta of 0.89.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last released 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 analyst estimates 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 expect that ReNew Energy Global PLC will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Franklin Resources Inc. increased its position in ReNew Energy Global by 21.8% during the second quarter. Franklin Resources Inc. now owns 14,187,989 shares of the company's stock worth $98,039,000 after acquiring an additional 2,540,442 shares during the period. Millennium Management LLC grew its position in ReNew Energy Global by 22.9% in the 1st quarter. Millennium Management LLC now owns 6,351,699 shares of the company's stock worth $37,412,000 after purchasing an additional 1,182,123 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in shares of ReNew Energy Global during the 1st quarter worth about $34,651,000. Invesco Ltd. lifted its stake in shares of ReNew Energy Global by 16.8% in the first quarter. Invesco Ltd. now owns 2,476,280 shares of the company's stock valued at $14,585,000 after buying an additional 356,311 shares during the period. Finally, M&G PLC grew its position in ReNew Energy Global by 14.6% during the second quarter. M&G PLC now owns 2,188,498 shares of the company's stock worth $15,319,000 after buying an additional 278,863 shares in the last quarter. 43.56% of the stock is currently owned by institutional investors and hedge funds.

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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