ReNew Energy Global (NASDAQ:RNW) Reaches New 12-Month Low – Here’s What Happened

ReNew Energy Global Plc (NASDAQ:RNW)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $5.02 and last traded at $5.85, with a volume of 632 shares. The stock had previously closed at $5.82.

Analyst Upgrades and Downgrades

Separately, Roth Mkm lowered their target price on shares of ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating on the stock in a research report on Friday, February 21st.

ReNew Energy Global Stock Up 3.0 %

The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.64. The firm’s 50-day simple moving average is $6.54 and its two-hundred day simple moving average is $6.26. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of 125.00 and a beta of 0.89.

ReNew Energy Global (NASDAQ:RNW) last issued its earnings results on Tuesday, February 18th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). ReNew Energy Global had a return on equity of 1.75% and a net margin of 2.17%. The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $20.22 billion. Sell-side analysts predict that ReNew Energy Global Plc will post 0.15 EPS for the current fiscal year.

Institutional Trading of ReNew Energy Global

Several large investors have recently modified their holdings of RNW. Van ECK Associates Corp grew its position in shares of ReNew Energy Global by 58.1% in the third quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock valued at $72,000 after purchasing an additional 4,513 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its stake in ReNew Energy Global by 21.3% during the third quarter. Kayne Anderson Capital Advisors LP now owns 888,831 shares of the company’s stock worth $5,591,000 after purchasing an additional 156,147 shares during the period. The Manufacturers Life Insurance Company raised its stake in ReNew Energy Global by 33.6% during the third quarter. The Manufacturers Life Insurance Company now owns 1,118,181 shares of the company’s stock worth $7,033,000 after purchasing an additional 281,000 shares during the period. Quantbot Technologies LP raised its stake in ReNew Energy Global by 454.7% during the third quarter. Quantbot Technologies LP now owns 15,788 shares of the company’s stock worth $99,000 after purchasing an additional 12,942 shares during the period. Finally, Rubric Capital Management LP raised its stake in ReNew Energy Global by 1.5% during the third quarter. Rubric Capital Management LP now owns 13,706,102 shares of the company’s stock worth $86,211,000 after purchasing an additional 200,000 shares during the period. 43.56% of the stock is currently owned by institutional investors and hedge funds.

ReNew Energy Global Company Profile

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.