ReNew Energy Global Target of Unusually High Options Trading (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW) was the recipient of some unusual options trading activity on Wednesday. Stock traders purchased 14,473 put options on the stock. This represents an increase of 3,465% compared to the average daily volume of 406 put options.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm dropped their price target 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.

Institutional Investors Weigh In On ReNew Energy Global

Several large investors have recently modified their holdings of RNW. Point72 Asset Management L.P. bought a new stake in ReNew Energy Global during the fourth quarter valued at about $25,000. BNP Paribas Financial Markets acquired a new position in ReNew Energy Global in the 4th quarter worth approximately $25,000. Hsbc Holdings PLC raised its position in ReNew Energy Global by 40.3% during the fourth quarter. Hsbc Holdings PLC now owns 16,710 shares of the company’s stock valued at $115,000 after acquiring an additional 4,799 shares in the last quarter. Summit Securities Group LLC purchased a new position in ReNew Energy Global in the fourth quarter valued at $34,000. Finally, Everett Harris & Co. CA boosted its position in ReNew Energy Global by 14.3% during the fourth quarter. Everett Harris & Co. CA now owns 40,000 shares of the company’s stock worth $273,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Stock Performance

RNW opened at $6.04 on Thursday. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 120.80 and a beta of 0.89. The company has a fifty day moving average of $6.34 and a 200 day moving average of $6.29. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.64 and a current ratio of 0.60. ReNew Energy Global has a fifty-two week low of $5.15 and a fifty-two week high of $7.49.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Tuesday, February 18th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The company had revenue of $248.00 million for the quarter, compared to the consensus estimate of $20.22 billion. ReNew Energy Global had a net margin of 2.17% and a return on equity of 1.75%. As a group, sell-side analysts forecast that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

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.