ReNew Energy Global (NASDAQ:RNW) Sees Strong Trading Volume – Here’s What Happened

ReNew Energy Global Plc (NASDAQ:RNW) saw unusually-strong trading volume on Thursday . Approximately 908,777 shares traded hands during trading, an increase of 2% from the previous session’s volume of 889,236 shares.The stock last traded at $7.29 and had previously closed at $7.46.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RNW shares. Roth Mkm lowered their price target on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Monday, August 19th. Morgan Stanley cut ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 26th.

ReNew Energy Global Stock Performance

The business’s 50-day moving average price is $5.86 and its 200-day moving average price is $5.96. The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 4.51. The stock has a market cap of $2.64 billion, a PE ratio of 124.33 and a beta of 0.97.

Institutional Investors Weigh In On ReNew Energy Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. acquired a new position in shares of ReNew Energy Global during the third quarter valued at about $11,585,000. Barclays PLC increased its stake in ReNew Energy Global by 382.5% during the 3rd quarter. Barclays PLC now owns 26,381 shares of the company’s stock valued at $166,000 after purchasing an additional 20,913 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of ReNew Energy Global in the third quarter worth $426,000. Northwest & Ethical Investments L.P. lifted its stake in shares of ReNew Energy Global by 3.3% during the third quarter. Northwest & Ethical Investments L.P. now owns 2,161,194 shares of the company’s stock worth $13,594,000 after buying an additional 68,308 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of ReNew Energy Global by 40.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 699,905 shares of the company’s stock valued at $4,402,000 after buying an additional 202,100 shares during the last quarter. 43.56% of the stock is currently owned by hedge funds and other institutional investors.

ReNew Energy Global Company Profile

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.