ReNew Energy Global (NASDAQ:RNW) Shares Down 3.6% – Should You Sell?

ReNew Energy Global Plc (NASDAQ:RNW) dropped 3.6% on Wednesday . The stock traded as low as $5.19 and last traded at $5.28. Approximately 373,058 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 865,418 shares. The stock had previously closed at $5.48.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Roth Mkm dropped their target price on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Morgan Stanley cut ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, September 26th.

ReNew Energy Global Price Performance

The company has a quick ratio of 0.66, a current ratio of 0.67 and a debt-to-equity ratio of 4.65. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 93.85 and a beta of 0.95. The company has a 50 day moving average price of $5.91 and a 200-day moving average price of $5.95.

Institutional Trading of ReNew Energy Global

Several hedge funds have recently modified their holdings of the stock. Rubric Capital Management LP increased its position in shares of 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 acquiring an additional 200,000 shares in the last quarter. Tortoise Capital Advisors L.L.C. lifted its holdings in shares of ReNew Energy Global by 11.9% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 5,669,321 shares of the company’s stock valued at $35,377,000 after purchasing an additional 600,850 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of ReNew Energy Global by 60.5% in the second quarter. Millennium Management LLC now owns 4,779,016 shares of the company’s stock valued at $29,821,000 after purchasing an additional 1,802,191 shares in the last quarter. Carrhae Capital LLP boosted its position in shares of ReNew Energy Global by 69.3% during the third quarter. Carrhae Capital LLP now owns 3,654,991 shares of the company’s stock valued at $22,990,000 after buying an additional 1,495,819 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. grew its holdings in ReNew Energy Global by 3.3% during the third quarter. Northwest & Ethical Investments L.P. now owns 2,161,194 shares of the company’s stock worth $13,594,000 after buying an additional 68,308 shares in the last quarter. Institutional investors own 43.56% of the company’s stock.

About ReNew Energy Global

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.