ReNew Energy Global PLC $RNW Shares Sold by BCK Capital Management LP

BCK Capital Management LP lowered its position in ReNew Energy Global PLC (NASDAQ:RNW) by 30.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 389,770 shares of the company’s stock after selling 169,390 shares during the quarter. ReNew Energy Global accounts for 2.3% of BCK Capital Management LP’s investment portfolio, making the stock its 10th biggest position. BCK Capital Management LP’s holdings in ReNew Energy Global were worth $2,693,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNW. Parallel Advisors LLC raised its holdings in shares of ReNew Energy Global by 766.0% in the 2nd quarter. Parallel Advisors LLC now owns 11,041 shares of the company’s stock worth $76,000 after purchasing an additional 9,766 shares during the period. Abacus Wealth Partners LLC acquired a new stake in ReNew Energy Global during the 2nd quarter worth approximately $85,000. MQS Management LLC purchased a new position in ReNew Energy Global in the first quarter valued at approximately $83,000. Foster Group Inc. acquired a new position in ReNew Energy Global during the second quarter valued at approximately $105,000. Finally, Bank of America Corp DE lifted its position in ReNew Energy Global by 722.2% during the fourth quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock valued at $107,000 after buying an additional 13,721 shares in the last quarter. 43.56% of the stock is currently owned by institutional investors and hedge funds.

ReNew Energy Global Stock Performance

ReNew Energy Global stock opened at $7.55 on Friday. The firm has a market capitalization of $2.74 billion, a PE ratio of 23.59 and a beta of 0.89. ReNew Energy Global PLC has a one year low of $5.18 and a one year high of $8.24. The stock’s 50 day moving average price is $7.72 and its 200 day moving average price is $7.32. The company has a debt-to-equity ratio of 4.42, a quick ratio of 0.73 and a current ratio of 0.77.

ReNew Energy Global (NASDAQ:RNW) last posted its quarterly earnings data on Wednesday, August 13th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. ReNew Energy Global had a net margin of 5.77% and a return on equity of 8.34%. The company had revenue of $480.35 million for the quarter, compared to analyst estimates of $32.46 billion. As a group, sell-side analysts expect that ReNew Energy Global PLC will post 0.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Mizuho set a $8.15 target price on shares of ReNew Energy Global and gave the company a “neutral” rating in a research note on Wednesday, October 29th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, ReNew Energy Global presently has a consensus rating of “Moderate Buy” and an average price target of $7.83.

ReNew Energy Global Profile

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.