ReNew Energy Global PLC (NASDAQ:RNW) Sees Significant Growth in Short Interest

Key Points

• Short interest jumped by 20.7% in March to 2,956,550 shares (about 0.9% of shares), leaving a days-to-cover ratio of 3.2 based on average daily volume of 928,982 shares.
• Several large institutions materially increased positions — Norges Bank added a ~$58.2M stake, State Street boosted holdings 484.6% to 2.78M shares, and Man Group rose 663.5% — with institutional ownership at 43.56%.
• ReNew beat the quarter on EPS ($0.00 vs. -$0.12 est.) and revenue ($349.0M vs. $262.3M), but analysts rate the stock a consensus "Reduce" with a $6.52 target; the shares trade near $4.99 and the company carries a high debt-to-equity ratio of 3.84.

ReNew Energy Global PLC (NASDAQ:RNW - Get Free Report) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 2,956,550 shares, an increase of 20.7% from the March 15th total of 2,448,929 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 928,982 shares, the days-to-cover ratio is presently 3.2 days.

Hedge Funds Weigh In On ReNew Energy Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNW. Norges Bank acquired a new stake in shares of ReNew Energy Global during the 4th quarter valued at $58,238,000. State Street Corp boosted its stake in shares of ReNew Energy Global by 484.6% during the 4th quarter. State Street Corp now owns 2,779,666 shares of the company's stock valued at $15,705,000 after buying an additional 2,304,172 shares during the period. Invesco Ltd. boosted its stake in shares of ReNew Energy Global by 6.5% during the 4th quarter. Invesco Ltd. now owns 2,501,501 shares of the company's stock valued at $14,133,000 after buying an additional 152,439 shares during the period. Man Group plc boosted its stake in shares of ReNew Energy Global by 663.5% during the 4th quarter. Man Group plc now owns 2,046,780 shares of the company's stock valued at $11,564,000 after buying an additional 1,778,705 shares during the period. Finally, M&G PLC boosted its stake in shares of ReNew Energy Global by 8.3% during the 4th quarter. M&G PLC now owns 1,845,282 shares of the company's stock valued at $11,072,000 after buying an additional 141,952 shares during the period. Institutional investors and hedge funds own 43.56% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Morgan Stanley set a $6.03 price target on shares of ReNew Energy Global in a research report on Monday, February 2nd. Weiss Ratings lowered shares of ReNew Energy Global from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, March 13th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $6.52.

ReNew Energy Global Trading Up 0.4%

ReNew Energy Global stock opened at $4.99 on Friday. The company has a 50 day moving average price of $5.13 and a 200 day moving average price of $6.18. ReNew Energy Global has a 52 week low of $4.39 and a 52 week high of $8.24. The company has a debt-to-equity ratio of 3.84, a quick ratio of 0.52 and a current ratio of 0.57. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 11.88 and a beta of 0.99.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last posted its quarterly earnings data on Monday, February 16th. The company reported $0.00 EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.12. ReNew Energy Global had a net margin of 6.95% and a return on equity of 10.50%. The firm had revenue of $349.01 million during the quarter, compared to analyst estimates of $262.33 million. Research analysts forecast that ReNew Energy Global will post 0.15 EPS for the current year.

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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