ReNew Energy Global (NASDAQ:RNW) Issues Earnings Results

ReNew Energy Global (NASDAQ:RNW) announced its earnings results on Monday. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.23, FiscalAI reports. The firm had revenue of $355.59 million during the quarter, compared to analysts’ expectations of $307.73 million. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%.

ReNew Energy Global Price Performance

RNW opened at $5.35 on Monday. ReNew Energy Global has a 1-year low of $4.39 and a 1-year high of $8.24. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 3.84. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 12.74 and a beta of 1.07. The business has a 50 day moving average of $5.09 and a 200-day moving average of $5.82.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC boosted its position in shares of ReNew Energy Global by 17.8% in the fourth quarter. Corient Private Wealth LLC now owns 33,166 shares of the company’s stock valued at $187,000 after acquiring an additional 5,010 shares during the period. Invesco Ltd. raised its stake 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 purchasing an additional 152,439 shares in the last quarter. Man Group plc raised its stake in shares of ReNew Energy Global by 663.5% in the fourth 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 in the last quarter. Engineers Gate Manager LP raised its stake in shares of ReNew Energy Global by 81.8% in the fourth quarter. Engineers Gate Manager LP now owns 45,291 shares of the company’s stock valued at $256,000 after purchasing an additional 20,383 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new position in shares of ReNew Energy Global in the fourth quarter valued at $518,000. 43.56% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Morgan Stanley set a $6.03 price objective on ReNew Energy Global in a research report on Monday, February 2nd. Weiss Ratings cut ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $6.52.

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.