ReNew Energy Global (NASDAQ:RNW) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

ReNew Energy Global (NASDAQ:RNW) posted its quarterly earnings results on Tuesday. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07), Zacks reports. ReNew Energy Global had a return on equity of 2.16% and a net margin of 2.70%.

ReNew Energy Global Stock Performance

RNW traded up $0.23 during trading on Tuesday, reaching $6.76. 1,809,116 shares of the company’s stock were exchanged, compared to its average volume of 1,182,474. ReNew Energy Global has a fifty-two week low of $5.15 and a fifty-two week high of $7.49. The company has a quick ratio of 0.64, a current ratio of 0.65 and a debt-to-equity ratio of 4.51. The business has a 50 day moving average price of $6.78 and a 200 day moving average price of $6.20. The company has a market capitalization of $2.45 billion, a P/E ratio of 112.69 and a beta of 0.89.

Institutional Investors Weigh In On ReNew Energy Global

A hedge fund recently raised its stake in ReNew Energy Global stock. Bank of America Corp DE lifted its holdings in ReNew Energy Global Plc (NASDAQ:RNW) by 722.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,621 shares of the company’s stock after buying an additional 13,721 shares during the quarter. Bank of America Corp DE’s holdings in ReNew Energy Global were worth $107,000 at the end of the most recent quarter. 43.56% of the stock is owned by institutional investors.

About ReNew Energy Global

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.