ReNew Energy Global (NASDAQ:RNW) Shares Down 3.6% - Here's What Happened

Key Points

• ReNew Energy Global's shares fell 3.6% on Monday, trading at $7.69 after reaching a low of $7.68, with a volume decline of 65% compared to its average.
• The company reported a return on equity of 8.34% and net margin of 5.77%, posting quarterly earnings of $0.16 per share, beating estimates of $0.11.
• Institutional investors own 43.56% of ReNew Energy's stock, with notable recent investments from Tidal Investments LLC and Corient Private Wealth LLC increasing their stakes in the company.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report)'s share price was down 3.6% during trading on Monday . The company traded as low as $7.68 and last traded at $7.69. 329,068 shares changed hands during trading, a decline of 65% from the average session volume of 935,508 shares. The stock had previously closed at $7.97.

ReNew Energy Global Trading Down 3.5%

The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 24.05 and a beta of 0.89. The business's 50 day moving average price is $7.73 and its 200-day moving average price is $7.10. The company has a debt-to-equity ratio of 4.42, a current ratio of 0.77 and a quick ratio of 0.73.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. ReNew Energy Global had a return on equity of 8.34% and a net margin of 5.77%.The company had revenue of $480.35 million for the quarter, compared to analyst estimates of $32.46 billion. Equities analysts forecast that ReNew Energy Global PLC will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RNW. Tidal Investments LLC raised its position in shares of ReNew Energy Global by 15.4% during the 2nd 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 last quarter. Corient Private Wealth LLC lifted its position in shares of ReNew Energy Global by 6.9% in the second quarter. Corient Private Wealth LLC now owns 28,643 shares of the company's stock valued at $198,000 after acquiring an additional 1,849 shares in the last quarter. Cerity Partners LLC boosted its stake in shares of ReNew Energy Global by 9.3% during the second quarter. Cerity Partners LLC now owns 26,085 shares of the company's stock valued at $180,000 after acquiring an additional 2,225 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of ReNew Energy Global during the second quarter valued at $29,000. Finally, Groupe la Francaise increased its position in ReNew Energy Global by 1.4% during the 2nd quarter. Groupe la Francaise now owns 320,591 shares of the company's stock worth $2,211,000 after purchasing an additional 4,282 shares in the last quarter. Hedge funds and other institutional investors own 43.56% of the company's stock.

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.

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