ReNew Energy Global (NASDAQ:RNW) Upgraded at Royal Bank of Canada

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.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Thursday, November 18th. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). The firm had revenue of $287.00 million during the quarter, compared to analyst estimates of $260.00 million. On average, sell-side analysts anticipate that ReNew Energy Global will post 0.11 earnings per share for the current year.

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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