Carrhae Capital LLP Has $13.89 Million Stock Position in ReNew Energy Global PLC $RNW

Carrhae Capital LLP lessened its position in ReNew Energy Global PLC (NASDAQ:RNW) by 11.1% in the fourth quarter, HoldingsChannel reports. The fund owned 2,458,933 shares of the company’s stock after selling 308,365 shares during the quarter. ReNew Energy Global makes up approximately 0.5% of Carrhae Capital LLP’s holdings, making the stock its 29th largest holding. Carrhae Capital LLP’s holdings in ReNew Energy Global were worth $13,893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of RNW. Bank of America Corp DE raised its position in shares of ReNew Energy Global by 722.2% during the fourth quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock worth $107,000 after purchasing an additional 13,721 shares during the period. JPMorgan Chase & Co. grew its position in ReNew Energy Global by 94.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company’s stock valued at $4,439,000 after purchasing an additional 311,297 shares during the period. Quantbot Technologies LP bought a new stake in ReNew Energy Global during the 2nd quarter valued at $29,000. Cerity Partners LLC raised its holdings in ReNew Energy Global by 9.3% during the second quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after buying an additional 2,225 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in ReNew Energy Global by 1,217.7% during the second quarter. BNP Paribas Financial Markets now owns 72,647 shares of the company’s stock worth $502,000 after buying an additional 67,134 shares during the last quarter. Institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Stock Performance

Shares of ReNew Energy Global stock opened at $5.92 on Friday. The business’s fifty day simple moving average is $5.12 and its 200 day simple moving average is $5.76. 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 PLC has a 12 month low of $4.39 and a 12 month high of $8.24. The firm has a market capitalization of $2.15 billion, a P/E ratio of 19.10 and a beta of 1.07.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings data on Monday, May 18th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.17. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%.The firm had revenue of $355.59 million during the quarter, compared to the consensus estimate of $307.73 million. As a group, analysts anticipate that ReNew Energy Global PLC will post 0.22 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Zacks Research upgraded shares of ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Morgan Stanley set a $6.03 target price on shares of ReNew Energy Global in a report on Monday, February 2nd. Finally, Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. One investment 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $6.52.

ReNew Energy Global 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.