ReNew Energy Global (NASDAQ:RNW) Issues Quarterly Earnings Results

ReNew Energy Global (NASDAQ:RNW) announced its earnings results on Thursday. The company reported $0.10 earnings per share for the quarter, Zacks reports. The firm had revenue of $340.00 million for the quarter, compared to the consensus estimate of $291.80 million. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%.

ReNew Energy Global Trading Up 2.2%

Shares of RNW opened at $6.37 on Friday. ReNew Energy Global has a fifty-two week low of $4.39 and a fifty-two week high of $8.24. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 20.55 and a beta of 1.12. The firm has a 50 day moving average price of $5.77 and a 200-day moving average price of $5.54. The company has a debt-to-equity ratio of 3.60, a quick ratio of 0.37 and a current ratio of 0.42.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Weiss Ratings upgraded ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Mizuho cut their price objective on shares of ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating for the company in a report on Monday, June 1st. Finally, Zacks Research raised ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.39.

Institutional Trading of ReNew Energy Global

Several institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in shares of ReNew Energy Global in the second quarter worth about $29,000. Quarry LP purchased a new stake in ReNew Energy Global during the 3rd quarter valued at about $33,000. Evergreen Capital Management LLC bought a new position in ReNew Energy Global during the 2nd quarter worth approximately $74,000. Tidal Investments LLC grew its position in ReNew Energy Global by 15.4% during the 2nd quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock worth $91,000 after acquiring an additional 1,752 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in ReNew Energy Global in the 3rd quarter worth approximately $101,000. 43.56% of the stock is currently owned by hedge funds and other institutional investors.

About ReNew Energy Global

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.