ReNew Energy Global PLC (NASDAQ:RNW) Stock Short Interest Jumps 50.8%

ReNew Energy Global PLC (NASDAQ:RNW) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 2,673,645 shares, a growth of 50.8% from the August 31st total of 1,772,731 shares. Based on an average daily volume of 2,137,122 shares, the days-to-cover ratio is presently 1.3 days. Approximately 0.8% of the shares of the stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new stake in ReNew Energy Global in the fourth quarter worth $58,238,000. ABN Amro Investment Solutions bought a new stake in shares of ReNew Energy Global in the 1st quarter worth about $4,396,000. First Trust Advisors LP raised its position in shares of ReNew Energy Global by 4.0% during the 1st quarter. First Trust Advisors LP now owns 844,924 shares of the company’s stock valued at $3,870,000 after buying an additional 32,784 shares in the last quarter. Athos Capital Ltd bought a new position in shares of ReNew Energy Global in the 4th quarter valued at about $2,865,000. Finally, Aristides Capital LLC lifted its holdings in shares of ReNew Energy Global by 4.5% in the 4th quarter. Aristides Capital LLC now owns 138,020 shares of the company’s stock valued at $780,000 after acquiring an additional 5,920 shares during the last quarter. 43.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RNW has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 24th. Roth Capital cut shares of ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 26th. Finally, Zacks Research downgraded shares of ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Four equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, ReNew Energy Global has an average rating of “Hold” and an average price target of $6.39.

ReNew Energy Global Price Performance

ReNew Energy Global stock traded down $0.01 during midday trading on Thursday, reaching $6.83. 1,752,519 shares of the stock traded hands, compared to its average volume of 1,387,247. The stock’s fifty day moving average is $6.66 and its 200-day moving average is $5.99. ReNew Energy Global has a 12 month low of $4.39 and a 12 month high of $8.24. The stock has a market cap of $2.48 billion, a P/E ratio of 21.34 and a beta of 1.14. The company has a quick ratio of 0.40, a current ratio of 0.43 and a debt-to-equity ratio of 3.35.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings results on Tuesday, August 18th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.05. ReNew Energy Global had a return on equity of 7.71% and a net margin of 7.24%.The business had revenue of $472.92 million during the quarter, compared to analysts’ expectations of $459.86 million. As a group, equities research analysts anticipate that ReNew Energy Global will post 0.23 EPS for the current year.

ReNew Energy Global Company Profile

ReNew Energy Global plc is a renewable energy company focused on developing, owning and operating clean power projects in India. Its portfolio is centered on utility-scale wind and solar generation, with additional activities in hydropower, energy storage and other clean-energy infrastructure.

The company supplies renewable electricity to utilities, commercial and industrial customers, and other counterparties through long-term power arrangements. ReNew has also expanded into emerging decarbonization opportunities, including green hydrogen and related clean-energy solutions, as well as projects intended to improve the reliability and integration of renewable power.

Founded in 2011 by Sumant Sinha, ReNew is headquartered in Gurugram, India, and primarily serves the Indian market.