Short Interest in ReNew Energy Global PLC (NASDAQ:RNW) Declines By 16.5%

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a significant decline in short interest in February. As of February 13th, there was short interest totaling 2,934,207 shares, a decline of 16.5% from the January 29th total of 3,515,944 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily volume of 745,206 shares, the short-interest ratio is presently 3.9 days. Based on an average daily volume of 745,206 shares, the short-interest ratio is presently 3.9 days. Approximately 0.9% of the company’s stock are short sold.

Institutional Investors Weigh In On ReNew Energy Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE lifted its position in ReNew Energy Global by 722.2% during the 4th quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock worth $107,000 after acquiring an additional 13,721 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in shares of ReNew Energy Global by 487.4% during the second quarter. Y Intercept Hong Kong Ltd now owns 104,056 shares of the company’s stock worth $719,000 after purchasing an additional 86,342 shares during the period. M&G PLC lifted its holdings in shares of ReNew Energy Global by 14.6% during the second quarter. M&G PLC now owns 2,188,498 shares of the company’s stock worth $15,319,000 after purchasing an additional 278,863 shares during the period. Creative Planning grew its position in ReNew Energy Global by 178.9% in the 2nd quarter. Creative Planning now owns 83,367 shares of the company’s stock valued at $576,000 after buying an additional 53,480 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in ReNew Energy Global by 94.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company’s stock valued at $4,439,000 after buying an additional 311,297 shares during the period. 43.56% of the stock is owned by hedge funds and other institutional investors.

ReNew Energy Global Stock Up 0.4%

Shares of NASDAQ:RNW traded up $0.02 on Wednesday, hitting $5.43. 391,948 shares of the company’s stock were exchanged, compared to its average volume of 807,270. ReNew Energy Global has a 1-year low of $5.05 and a 1-year high of $8.24. The company has a market capitalization of $1.97 billion, a PE ratio of 12.93 and a beta of 0.90. The company has a debt-to-equity ratio of 3.84, a quick ratio of 0.52 and a current ratio of 0.57. The firm’s 50-day moving average is $5.46 and its 200 day moving average is $6.77.

ReNew Energy Global (NASDAQ:RNW) last posted its earnings results on Monday, February 16th. The company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.12. The firm had revenue of $349.01 million during the quarter, compared to analysts’ expectations of $262.33 million. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%. Sell-side analysts predict that ReNew Energy Global will post 0.15 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on RNW. Morgan Stanley set a $6.03 price target on shares of ReNew Energy Global in a research report on Monday, February 2nd. Mizuho reduced their price objective on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 16th. Finally, Weiss Ratings raised ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, ReNew Energy Global presently has an average rating of “Hold” and an average price target of $6.52.

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.