ReNew Energy Global (NASDAQ:RNW) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of ReNew Energy Global (NASDAQ:RNW) from a hold rating to a strong-buy rating in a report issued on Tuesday,Zacks.com reports.

RNW has been the subject of a number of other reports. Weiss Ratings downgraded shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. Morgan Stanley set a $6.03 price target on shares of ReNew Energy Global in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $6.52.

ReNew Energy Global Stock Up 3.7%

NASDAQ RNW opened at $5.55 on Tuesday. The company has a current ratio of 0.42, a quick ratio of 0.52 and a debt-to-equity ratio of 3.60. ReNew Energy Global has a 1-year low of $4.39 and a 1-year high of $8.24. The company has a 50 day moving average of $5.10 and a 200-day moving average of $5.78. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 17.90 and a beta of 1.07.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings results on Monday, May 18th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.17. ReNew Energy Global had a net margin of 7.18% and a return on equity of 7.57%. The company had revenue of $355.59 million during the quarter, compared to the consensus estimate of $307.73 million. On average, equities research analysts expect that ReNew Energy Global will post 0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in ReNew Energy Global during the fourth quarter valued at approximately $58,238,000. State Street Corp raised its position in ReNew Energy Global by 484.6% during the fourth quarter. State Street Corp now owns 2,779,666 shares of the company’s stock valued at $15,705,000 after purchasing an additional 2,304,172 shares in the last quarter. Invesco Ltd. raised its position in ReNew Energy Global by 6.5% during the fourth quarter. Invesco Ltd. now owns 2,501,501 shares of the company’s stock valued at $14,133,000 after purchasing an additional 152,439 shares in the last quarter. Man Group plc raised its position in ReNew Energy Global by 663.5% during the fourth quarter. Man Group plc now owns 2,046,780 shares of the company’s stock valued at $11,564,000 after purchasing an additional 1,778,705 shares in the last quarter. Finally, M&G PLC raised its position in ReNew Energy Global by 8.3% during the fourth quarter. M&G PLC now owns 1,845,282 shares of the company’s stock valued at $11,072,000 after purchasing an additional 141,952 shares in the last quarter. 43.56% of the stock is currently owned by institutional investors and hedge funds.

ReNew Energy Global Company Profile

ReNew Energy Global PLC is an independent power producer specializing in the development, construction, ownership and operation of utility-scale renewable energy projects. Headquartered in Gurugram, India, the company focuses on onshore wind farms, solar photovoltaic plants and hybrid energy systems, often paired with battery energy storage to enhance grid stability and dispatch flexibility. ReNew Energy Global markets electricity under long-term power purchase agreements, serving utilities, distribution companies and corporate offtakers.

The company’s core business activities encompass site identification, project design, procurement, construction management and ongoing asset management.