ReNew Energy Global (NASDAQ:RNW) Shares Gap Up – Still a Buy?

ReNew Energy Global PLC (NASDAQ:RNW)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $6.13, but opened at $6.76. ReNew Energy Global shares last traded at $6.8150, with a volume of 5,699,263 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have commented on RNW. Weiss Ratings upgraded ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 24th. Zacks Research lowered ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Mizuho dropped their target price on ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating on the stock in a report on Monday, June 1st. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $6.39.

ReNew Energy Global Stock Performance

The stock’s fifty day moving average is $6.22 and its two-hundred day moving average is $5.64. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 21.97 and a beta of 1.12. The company has a debt-to-equity ratio of 3.66, a quick ratio of 0.38 and a current ratio of 0.43.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings results on Thursday, June 25th. The company reported $0.10 earnings per share (EPS) for the quarter. ReNew Energy Global had a net margin of 7.18% and a return on equity of 7.57%. The firm had revenue of $340.00 million for the quarter, compared to the consensus estimate of $291.80 million. Analysts forecast that ReNew Energy Global PLC will post 0.22 earnings per share for the current year.

Institutional Trading of ReNew Energy Global

Hedge funds and other institutional investors have recently modified their holdings of the business. Quantbot Technologies LP purchased a new position in ReNew Energy Global in the second quarter valued at about $29,000. Farther Finance Advisors LLC increased its holdings in ReNew Energy Global by 213.9% during the 4th quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company’s stock worth $31,000 after purchasing an additional 3,750 shares during the last quarter. Quarry LP acquired a new position in shares of ReNew Energy Global in the 3rd quarter valued at approximately $33,000. SBI Securities Co. Ltd. acquired a new position in shares of ReNew Energy Global in the 4th quarter valued at approximately $37,000. Finally, DGS Capital Management LLC purchased a new position in shares of ReNew Energy Global during the 4th quarter valued at approximately $65,000. 43.56% of the stock is 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.