ReNew Energy Global (NASDAQ:RNW) Releases Earnings Results, Beats Estimates By $0.05 EPS

ReNew Energy Global (NASDAQ:RNW) issued its quarterly earnings data on Tuesday. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.05, FiscalAI reports. The business had revenue of $472.92 million for the quarter, compared to analysts’ expectations of $459.86 million. ReNew Energy Global had a net margin of 7.18% and a return on equity of 7.57%.

ReNew Energy Global Price Performance

RNW stock opened at $6.82 on Tuesday. The company has a current ratio of 0.43, a quick ratio of 0.38 and a debt-to-equity ratio of 3.66. ReNew Energy Global has a one year low of $4.39 and a one year high of $8.24. The firm has a market capitalization of $2.47 billion, a PE ratio of 22.00 and a beta of 1.12. The firm has a 50-day moving average of $6.26 and a two-hundred day moving average of $5.67.

Wall Street Analyst Weigh In

RNW has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, June 24th. Mizuho dropped their price objective on ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating on the stock in a research note on Monday, June 1st. Finally, Zacks Research cut ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, ReNew Energy Global has an average rating of “Hold” and an average price target of $6.39.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RNW. State Street Corp boosted its stake in ReNew Energy Global by 484.6% in the 4th quarter. State Street Corp now owns 2,779,666 shares of the company’s stock worth $15,705,000 after purchasing an additional 2,304,172 shares during the period. Invesco Ltd. raised its stake in ReNew Energy Global by 6.5% during the 4th quarter. Invesco Ltd. now owns 2,501,501 shares of the company’s stock valued at $14,133,000 after purchasing an additional 152,439 shares during the period. Man Group plc raised its stake in ReNew Energy Global by 663.5% during the 4th quarter. Man Group plc now owns 2,046,780 shares of the company’s stock valued at $11,564,000 after purchasing an additional 1,778,705 shares during the period. M&G PLC lifted its holdings in shares of ReNew Energy Global by 8.3% in the fourth quarter. M&G PLC now owns 1,845,282 shares of the company’s stock valued at $11,072,000 after purchasing an additional 141,952 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of ReNew Energy Global by 1.7% in the fourth quarter. First Trust Advisors LP now owns 812,140 shares of the company’s stock valued at $4,589,000 after purchasing an additional 13,313 shares in the last quarter. 43.56% of the stock is owned by hedge funds and other institutional investors.

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.