ReNew Energy Global Plc (NASDAQ:RNW) Sees Large Growth in Short Interest

ReNew Energy Global Plc (NASDAQ:RNW) saw a large growth in short interest in the month of February. As of February 15th, there was short interest totalling 1,770,000 shares, a growth of 22.9% from the January 31st total of 1,440,000 shares. Currently, 1.1% of the shares of the stock are short sold. Based on an average daily volume of 1,280,000 shares, the days-to-cover ratio is currently 1.4 days.

Wall Street Analyst Weigh In

Separately, Roth Mkm lowered their target price on shares of ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating on the stock in a report on Friday, February 21st.

ReNew Energy Global Trading Up 0.8 %

NASDAQ:RNW traded up $0.05 during mid-day trading on Thursday, hitting $6.15. 47,278 shares of the stock traded hands, compared to its average volume of 1,185,082. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. ReNew Energy Global has a 52 week low of $5.15 and a 52 week high of $7.49. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 122.80 and a beta of 0.89. The firm’s 50 day moving average is $6.62 and its two-hundred day moving average is $6.24.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Tuesday, February 18th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). ReNew Energy Global had a net margin of 2.17% and a return on equity of 1.75%. The business had revenue of $248.00 million for the quarter, compared to the consensus estimate of $20.22 billion. On average, equities research analysts predict that ReNew Energy Global will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On ReNew Energy Global

A number of institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. increased its holdings in ReNew Energy Global by 191.4% during the 4th quarter. Franklin Resources Inc. now owns 5,693,312 shares of the company’s stock worth $38,885,000 after purchasing an additional 3,739,645 shares during the period. Walleye Capital LLC purchased a new stake in shares of ReNew Energy Global in the 4th quarter worth approximately $19,302,000. Helikon Investments Ltd purchased a new stake in ReNew Energy Global during the fourth quarter worth $15,055,000. M&G PLC purchased a new stake in shares of ReNew Energy Global during the 3rd quarter worth $8,097,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in ReNew Energy Global during the fourth quarter valued at about $4,436,000. 43.56% of the stock is owned by hedge funds and other 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.