Mizuho Issues Pessimistic Forecast for ReNew Energy Global (NASDAQ:RNW) Stock Price

ReNew Energy Global (NASDAQ:RNW) had its target price reduced by equities researchers at Mizuho from $7.00 to $6.75 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price objective indicates a potential upside of 7.07% from the company’s current price.

A number of other equities research analysts have also recently commented on RNW. Zacks Research upgraded shares of ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. Finally, Morgan Stanley set a $6.03 target price on shares of ReNew Energy Global in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, ReNew Energy Global presently has a consensus rating of “Hold” and an average price target of $6.39.

ReNew Energy Global Stock Performance

NASDAQ RNW opened at $6.30 on Monday. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.42 and a quick ratio of 0.37. The stock’s 50 day simple moving average is $5.21 and its 200-day simple moving average is $5.71. The company has a market cap of $2.29 billion, a PE ratio of 20.56 and a beta of 1.12. ReNew Energy Global has a 1-year low of $4.39 and a 1-year high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings results on Monday, May 18th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.15) by $0.17. 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 7.57% and a net margin of 7.18%. As a group, equities research analysts anticipate that ReNew Energy Global will post 0.22 EPS for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

A number of hedge funds have recently modified their holdings of RNW. Harvest Portfolios Group Inc. raised its holdings in ReNew Energy Global by 3.9% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 41,751 shares of the company’s stock valued at $321,000 after buying an additional 1,568 shares during the period. Tidal Investments LLC raised its stake in shares of ReNew Energy Global by 15.4% in the 2nd quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock valued at $91,000 after acquiring an additional 1,752 shares during the period. Corient Private Wealth LLC raised its stake in shares of ReNew Energy Global by 6.9% in the 2nd quarter. Corient Private Wealth LLC now owns 28,643 shares of the company’s stock valued at $198,000 after acquiring an additional 1,849 shares during the period. Cerity Partners LLC lifted its holdings in shares of ReNew Energy Global by 9.3% in the 2nd quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after acquiring an additional 2,225 shares during the last quarter. Finally, Aberdeen Group plc boosted its position in shares of ReNew Energy Global by 14.8% during the 4th quarter. Aberdeen Group plc now owns 23,334 shares of the company’s stock worth $132,000 after purchasing an additional 3,000 shares during the period. 43.56% of the stock is currently owned by hedge funds and other institutional investors.

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.