Royal Bank of Canada upgraded shares of ReNew Energy Global (NASDAQ:RNW) to an outperform rating in a research report report published on Wednesday morning, Stock Target Advisor reports. Royal Bank of Canada currently has $22.00 price objective on the stock.
RNW has been the subject of several other reports. Zacks Investment Research downgraded ReNew Energy Global from a buy rating to a hold rating in a research report on Tuesday, December 7th. The Goldman Sachs Group assumed coverage on ReNew Energy Global in a report on Monday, December 6th. They issued a buy rating for the company. Morgan Stanley assumed coverage on ReNew Energy Global in a report on Tuesday, October 5th. They issued an overweight rating for the company. Finally, Bank of America upgraded ReNew Energy Global from a neutral rating to a buy rating and lifted their price objective for the company from $11.00 to $12.00 in a report on Thursday, October 28th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Buy and an average price target of $14.17.
NASDAQ:RNW opened at $6.72 on Wednesday. ReNew Energy Global has a twelve month low of $6.54 and a twelve month high of $12.30. The stock’s fifty day simple moving average is $8.16. The company has a quick ratio of 1.36, a current ratio of 1.37 and a debt-to-equity ratio of 2.54.
Several hedge funds have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. bought a new position in ReNew Energy Global in the third quarter worth about $8,329,000. Kayne Anderson Capital Advisors LP bought a new position in ReNew Energy Global in the third quarter worth about $2,418,000. PNC Financial Services Group Inc. bought a new position in ReNew Energy Global in the third quarter worth about $31,000. BlackRock Inc. bought a new position in ReNew Energy Global in the third quarter worth about $826,000. Finally, Levin Capital Strategies L.P. bought a new position in ReNew Energy Global in the third quarter worth about $204,000.
About ReNew Energy Global
ReNew Power Private Limited is a renewable energy power producer. It develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. ReNew Power Private Limited, formerly known as RMG Acquisition Corporation II, is based in MIAMI BEACH, Fla.
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