ReNew Energy Global (NASDAQ:RNW) Sees Strong Trading Volume – What’s Next?

ReNew Energy Global PLC (NASDAQ:RNW) shares saw unusually-strong trading volume on Tuesday . Approximately 1,619,206 shares traded hands during mid-day trading, an increase of 57% from the previous session’s volume of 1,032,886 shares.The stock last traded at $5.2450 and had previously closed at $5.50.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of ReNew Energy Global in a report on Monday. Mizuho lowered their price objective on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, ReNew Energy Global currently has an average rating of “Hold” and a consensus target price of $7.25.

ReNew Energy Global Price Performance

The company has a debt-to-equity ratio of 4.34, a current ratio of 0.77 and a quick ratio of 0.74. The company has a fifty day moving average of $7.44 and a 200-day moving average of $7.45. The firm has a market cap of $2.02 billion, a P/E ratio of 17.97 and a beta of 0.88.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. The business had revenue of $433.94 million for the quarter, compared to analysts’ expectations of $403.19 million. On average, sell-side analysts anticipate that ReNew Energy Global PLC will post 0.15 EPS for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

Institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new stake in ReNew Energy Global during the second quarter valued at about $29,000. Quarry LP bought a new stake in shares of ReNew Energy Global in the third quarter valued at approximately $33,000. Evergreen Capital Management LLC bought a new stake in shares of ReNew Energy Global in the second quarter valued at approximately $74,000. Parallel Advisors LLC lifted its stake in shares of ReNew Energy Global by 766.0% during the 2nd quarter. Parallel Advisors LLC now owns 11,041 shares of the company’s stock valued at $76,000 after buying an additional 9,766 shares in the last quarter. Finally, Abacus Wealth Partners LLC bought a new position in ReNew Energy Global in the 2nd quarter worth approximately $85,000. 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.