ReNew Energy Global Plc (NASDAQ:RNW) Sees Significant Increase in Short Interest

ReNew Energy Global Plc (NASDAQ:RNW - Get Free Report) was the recipient of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 3,790,000 shares, an increase of 90.5% from the March 31st total of 1,990,000 shares. Based on an average daily trading volume, of 996,700 shares, the days-to-cover ratio is currently 3.8 days. Currently, 2.5% of the company's shares are sold short.

Analyst Ratings Changes

Separately, Roth Mkm dropped their price objective on ReNew Energy Global from $8.00 to $7.50 and set a "buy" rating for the company in a report on Friday, February 21st.

ReNew Energy Global Trading Down 1.0 %

RNW stock traded down $0.07 during trading on Tuesday, hitting $6.54. The company had a trading volume of 61,042 shares, compared to its average volume of 1,061,380. ReNew Energy Global has a 52-week low of $5.15 and a 52-week high of $7.49. The company has a 50 day simple moving average of $6.13 and a 200-day simple moving average of $6.27. The firm has a market capitalization of $2.37 billion, a P/E ratio of 130.70 and a beta of 0.89. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last issued its earnings results on Tuesday, February 18th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The firm had revenue of $248.00 million during the quarter, compared to analysts' expectations of $20.22 billion. ReNew Energy Global had a return on equity of 1.75% and a net margin of 2.17%. As a group, research analysts forecast that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new position in shares of ReNew Energy Global in the 4th quarter worth approximately $25,000. BNP Paribas Financial Markets acquired a new position in ReNew Energy Global during the 4th quarter valued at about $25,000. Hsbc Holdings PLC raised its stake in ReNew Energy Global by 40.3% in the fourth quarter. Hsbc Holdings PLC now owns 16,710 shares of the company's stock valued at $115,000 after buying an additional 4,799 shares during the last quarter. Summit Securities Group LLC acquired a new stake in ReNew Energy Global in the fourth quarter worth about $34,000. Finally, Everett Harris & Co. CA grew its stake in shares of ReNew Energy Global by 14.3% during the fourth quarter. Everett Harris & Co. CA now owns 40,000 shares of the company's stock worth $273,000 after acquiring an additional 5,000 shares during 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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