ReNew Energy Global (NASDAQ:RNW) Shares Gap Up to $5.52

Shares of ReNew Energy Global Plc (NASDAQ:RNW) gapped up prior to trading on Monday . The stock had previously closed at $5.52, but opened at $5.72. ReNew Energy Global shares last traded at $5.72, with a volume of 3,288 shares trading hands.

Analysts Set New Price Targets

Separately, Roth Mkm reaffirmed a “buy” rating and set a $9.00 price target (up previously from $8.00) on shares of ReNew Energy Global in a research note on Friday, June 7th.

ReNew Energy Global Stock Performance

The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 47.67 and a beta of 0.93. The company has a current ratio of 0.73, a quick ratio of 0.72 and a debt-to-equity ratio of 4.65. The stock has a 50-day simple moving average of $6.06 and a 200-day simple moving average of $6.18.

ReNew Energy Global (NASDAQ:RNW) last posted its quarterly earnings results on Wednesday, June 5th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.08. The firm had revenue of $297.00 million for the quarter, compared to analysts’ expectations of $243.45 million. ReNew Energy Global had a net margin of 4.17% and a return on equity of 3.36%. On average, analysts anticipate that ReNew Energy Global Plc will post 0.13 earnings per share for the current year.

Institutional Trading of ReNew Energy Global

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC increased its stake in ReNew Energy Global by 3.5% during the first quarter. Tidal Investments LLC now owns 87,575 shares of the company’s stock valued at $525,000 after purchasing an additional 2,924 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in ReNew Energy Global during the fourth quarter worth about $113,000. CoreCommodity Management LLC lifted its holdings in ReNew Energy Global by 12.9% in the fourth quarter. CoreCommodity Management LLC now owns 130,969 shares of the company’s stock worth $1,003,000 after acquiring an additional 14,957 shares during the last quarter. Everett Harris & Co. CA acquired a new position in ReNew Energy Global in the first quarter valued at approximately $90,000. Finally, Syon Capital LLC grew its holdings in shares of ReNew Energy Global by 89.4% during the fourth quarter. Syon Capital LLC now owns 32,395 shares of the company’s stock valued at $248,000 after purchasing an additional 15,295 shares during the last quarter. 43.56% of the stock is owned by institutional investors.

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.