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

Key Points

• ReNew Energy Global hit a new 52-week low intraday at $4.40 (last $4.47) on Monday, with about 17,861 shares traded.
• Analyst sentiment has turned bearish—Weiss downgraded the stock to Sell, Mizuho cut its price target to $7 and Morgan Stanley set $6.03, leaving a MarketBeat consensus rating of "Reduce" and a consensus price target of $6.52.
• The company beat quarterly expectations (EPS $0.00 vs. -$0.12 and revenue $349.0M vs. $262.3M), but liquidity and leverage are concerns with a current ratio of 0.57, quick ratio of 0.52 and debt-to-equity of 3.84.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $4.40 and last traded at $4.47, with a volume of 17861 shares changing hands. The stock had previously closed at $4.51.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of ReNew Energy Global from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, March 13th. Mizuho reduced their price objective on ReNew Energy Global from $8.15 to $7.00 and set a "neutral" rating on the stock in a report on Tuesday, December 16th. Finally, Morgan Stanley set a $6.03 target price on ReNew Energy Global in a report on Monday, February 2nd. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, ReNew Energy Global presently has a consensus rating of "Reduce" and a consensus price target of $6.52.

ReNew Energy Global Stock Down 1.0%

The business's 50 day moving average is $5.31 and its 200 day moving average is $6.45. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 3.84. The company has a market cap of $1.62 billion, a P/E ratio of 10.64 and a beta of 0.90.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last announced its quarterly earnings results on Monday, February 16th. The company reported $0.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.12. The business had revenue of $349.01 million for the quarter, compared to the consensus estimate of $262.33 million. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%. As a group, equities analysts anticipate that ReNew Energy Global PLC will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

A number of large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in shares of ReNew Energy Global in the 2nd quarter worth approximately $29,000. Quarry LP purchased a new stake in shares of ReNew Energy Global during the third quarter valued at $33,000. Farther Finance Advisors LLC raised its stake in ReNew Energy Global by 213.9% in the 4th quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company's stock worth $31,000 after acquiring an additional 3,750 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in ReNew Energy Global during the 4th quarter valued at about $37,000. Finally, Evergreen Capital Management LLC acquired a new position in shares of ReNew Energy Global in the second quarter valued at about $74,000. 43.56% of the stock is currently owned by institutional investors.

ReNew Energy Global Company Profile

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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