Mizuho Initiates Coverage on ReNew Energy Global (NASDAQ:RNW)

Investment analysts at Mizuho began coverage on shares of ReNew Energy Global (NASDAQ:RNWGet Free Report) in a research report issued on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $8.00 price target on the stock. Mizuho’s price objective would suggest a potential upside of 24.22% from the stock’s current price.

Separately, HSBC decreased their price target on ReNew Energy Global from $9.00 to $8.75 and set a “buy” rating for the company in a research note on Tuesday, August 22nd.

Read Our Latest Stock Report on ReNew Energy Global

ReNew Energy Global Stock Performance

ReNew Energy Global stock opened at $6.44 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.75 and a debt-to-equity ratio of 3.96. The stock has a 50 day moving average of $5.64 and a 200-day moving average of $5.71. The stock has a market cap of $2.40 billion, a P/E ratio of -71.56 and a beta of 0.77. ReNew Energy Global has a 52 week low of $4.03 and a 52 week high of $6.90.

ReNew Energy Global (NASDAQ:RNWGet Free Report) last posted its quarterly earnings data on Friday, August 18th. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. The firm had revenue of $300.00 million for the quarter, compared to the consensus estimate of $305.20 million. ReNew Energy Global had a negative net margin of 2.21% and a negative return on equity of 1.65%. On average, analysts expect that ReNew Energy Global will post -0.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. State of Wyoming bought a new position in ReNew Energy Global in the fourth quarter worth about $28,000. Quantbot Technologies LP raised its position in shares of ReNew Energy Global by 556.4% during the 2nd quarter. Quantbot Technologies LP now owns 4,595 shares of the company’s stock worth $29,000 after purchasing an additional 3,895 shares during the period. Pale Fire Capital SE bought a new stake in shares of ReNew Energy Global in the 3rd quarter worth approximately $54,000. Citigroup Inc. acquired a new position in ReNew Energy Global during the 2nd quarter valued at approximately $55,000. Finally, Legal & General Group Plc grew its stake in ReNew Energy Global by 287.0% during the 3rd quarter. Legal & General Group Plc now owns 10,677 shares of the company’s stock worth $58,000 after buying an additional 7,918 shares during the last quarter. 38.25% of the stock is currently owned by institutional investors.

About ReNew Energy Global

(Get Free Report)

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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