ReNew Energy Global (NASDAQ:RNW) Stock Price Up 1.6% – What’s Next?

ReNew Energy Global PLC (NASDAQ:RNW)’s stock price was up 1.6% during trading on Friday . The stock traded as high as $6.29 and last traded at $6.29. 4,032,756 shares were traded during mid-day trading, an increase of 276% from the average daily volume of 1,072,924 shares. The stock had previously closed at $6.19.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings raised ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, June 24th. Mizuho decreased their price objective on ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating for the company in a report on Monday, June 1st. Finally, Zacks Research upgraded ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, ReNew Energy Global presently has a consensus rating of “Moderate Buy” and an average target price of $6.39.

ReNew Energy Global Stock Up 1.6%

The firm’s fifty day moving average is $6.08 and its two-hundred day moving average is $5.55. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of 20.29 and a beta of 1.12. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.42 and a quick ratio of 0.37.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Thursday, June 25th. The company reported $0.10 EPS for the quarter. ReNew Energy Global had a net margin of 7.18% and a return on equity of 7.57%. The firm had revenue of $340.00 million for the quarter, compared to analysts’ expectations of $291.80 million. On average, sell-side analysts expect that ReNew Energy Global PLC will post 0.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Aristides Capital LLC raised its holdings in ReNew Energy Global by 14.1% during the first quarter. Aristides Capital LLC now owns 157,548 shares of the company’s stock worth $722,000 after purchasing an additional 19,528 shares in the last quarter. State of Wyoming acquired a new stake in ReNew Energy Global in the first quarter worth approximately $233,000. First Trust Advisors LP boosted its stake in ReNew Energy Global by 4.0% during the 1st quarter. First Trust Advisors LP now owns 844,924 shares of the company’s stock valued at $3,870,000 after purchasing an additional 32,784 shares in the last quarter. ABN Amro Investment Solutions bought a new position in ReNew Energy Global during the 1st quarter valued at $4,396,000. Finally, Parallel Advisors LLC increased its position in shares of ReNew Energy Global by 29.3% during the 1st quarter. Parallel Advisors LLC now owns 20,678 shares of the company’s stock valued at $95,000 after purchasing an additional 4,689 shares during the period. Institutional investors and hedge funds own 43.56% of the company’s stock.

ReNew Energy Global Company Profile

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.