ReNew Energy Global PLC (NASDAQ:RNW) Sees Large Decline in Short Interest

ReNew Energy Global PLC (NASDAQ:RNW) saw a large decrease in short interest in March. As of March 13th, there was short interest totaling 2,448,929 shares, a decrease of 31.7% from the February 26th total of 3,584,682 shares. Based on an average trading volume of 607,903 shares, the short-interest ratio is presently 4.0 days. Approximately 0.7% of the shares of the stock are short sold.

Hedge Funds Weigh In On ReNew Energy Global

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Corient Private Wealth LLC increased its position in ReNew Energy Global by 17.8% during the 4th quarter. Corient Private Wealth LLC now owns 33,166 shares of the company’s stock worth $187,000 after purchasing an additional 5,010 shares in the last quarter. Aristides Capital LLC grew its holdings in shares of ReNew Energy Global by 4.5% during the fourth quarter. Aristides Capital LLC now owns 138,020 shares of the company’s stock worth $780,000 after buying an additional 5,920 shares in the last quarter. DGS Capital Management LLC acquired a new position in shares of ReNew Energy Global in the fourth quarter valued at approximately $65,000. Invesco Ltd. raised its position in shares of ReNew Energy Global by 6.5% in the fourth quarter. Invesco Ltd. now owns 2,501,501 shares of the company’s stock valued at $14,133,000 after buying an additional 152,439 shares during the last quarter. Finally, Man Group plc lifted its stake in shares of ReNew Energy Global by 663.5% during the fourth quarter. Man Group plc now owns 2,046,780 shares of the company’s stock valued at $11,564,000 after buying an additional 1,778,705 shares during the period. 43.56% of the stock is owned by institutional investors and hedge funds.

ReNew Energy Global Stock Performance

Shares of RNW traded down $0.17 during midday trading on Friday, reaching $4.51. 1,204,644 shares of the stock were exchanged, compared to its average volume of 746,866. The business’s 50-day moving average price is $5.31 and its 200 day moving average price is $6.46. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 10.74 and a beta of 0.90. The company has a debt-to-equity ratio of 3.84, a current ratio of 0.57 and a quick ratio of 0.52. ReNew Energy Global has a twelve month low of $4.48 and a twelve month high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last posted its quarterly earnings data on Monday, February 16th. The company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.12. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%.The company had revenue of $349.01 million during the quarter, compared to analysts’ expectations of $262.33 million. On average, sell-side analysts expect that ReNew Energy Global will post 0.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RNW shares. 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, December 16th. Weiss Ratings lowered shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Finally, Morgan Stanley set a $6.03 price target on shares of ReNew Energy Global in a research report on Monday, February 2nd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $6.52.

About ReNew Energy Global

ReNew Energy Global PLC is an independent power producer specializing in the development, construction, ownership and operation of utility-scale renewable energy projects. Headquartered in Gurugram, India, the company focuses on onshore wind farms, solar photovoltaic plants and hybrid energy systems, often paired with battery energy storage to enhance grid stability and dispatch flexibility. ReNew Energy Global markets electricity under long-term power purchase agreements, serving utilities, distribution companies and corporate offtakers.

The company’s core business activities encompass site identification, project design, procurement, construction management and ongoing asset management.