ReNew Energy Global (NASDAQ:RNW) Shares Gap Up - Time to Buy?

Key Points

• ReNew Energy Global shares jumped, opening at $6.76 versus a prior close of $6.13 and last trading near $6.82 on volume of approximately 5.7 million shares.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating from three analysts, with an average price target of $6.39; recent actions included a Zacks downgrade and a Mizuho target reduction.
• The company reported quarterly EPS of $0.10 and revenue of $340 million, exceeding the $291.8 million consensus revenue estimate. Institutional investors own 43.56% of the stock, while its high debt-to-equity ratio of 3.66 indicates notable leverage.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $6.13, but opened at $6.76. ReNew Energy Global shares last traded at $6.8150, with a volume of 5,699,263 shares trading hands.

Wall Street Analyst Weigh In

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

ReNew Energy Global Stock Performance

The firm's fifty day moving average price is $6.20 and its 200 day moving average price is $5.62. The company has a current ratio of 0.43, a quick ratio of 0.38 and a debt-to-equity ratio of 3.66. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 21.98 and a beta of 1.12.

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 for the quarter. The firm had revenue of $340.00 million during the quarter, compared to the consensus estimate of $291.80 million. ReNew Energy Global had a net margin of 7.18% and a return on equity of 7.57%. Analysts forecast that ReNew Energy Global PLC will post 0.22 EPS for the current fiscal year.

Institutional Investors Weigh In On ReNew Energy Global

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its stake in ReNew Energy Global by 722.2% during the 4th quarter. Bank of America Corp DE now owns 15,621 shares of the company's stock worth $107,000 after acquiring an additional 13,721 shares in the last quarter. JPMorgan Chase & Co. grew its position in ReNew Energy Global by 94.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company's stock valued at $4,439,000 after acquiring an additional 311,297 shares in the last quarter. Quantbot Technologies LP purchased a new stake in ReNew Energy Global during the second quarter worth about $29,000. Cerity Partners LLC increased its stake in ReNew Energy Global by 9.3% during 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 period. Finally, BNP Paribas Financial Markets lifted its position in shares of ReNew Energy Global by 1,217.7% during the second quarter. BNP Paribas Financial Markets now owns 72,647 shares of the company's stock worth $502,000 after purchasing an additional 67,134 shares in the last quarter. 43.56% of the stock is owned by institutional investors and hedge funds.

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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