ReNew Energy Global (NASDAQ:RNW) Releases Earnings Results

ReNew Energy Global (NASDAQ:RNW) released its quarterly earnings data on Thursday. The company reported $0.10 EPS for the quarter, Zacks reports. ReNew Energy Global had a net margin of 7.18% and a return on equity of 7.57%.

ReNew Energy Global Price Performance

RNW opened at $6.37 on Friday. The company has a fifty day moving average price of $5.77 and a two-hundred 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. The firm has a market capitalization of $2.31 billion, a PE ratio of 20.55 and a beta of 1.12. ReNew Energy Global has a 52 week low of $4.39 and a 52 week high of $8.24.

Hedge Funds Weigh In On ReNew Energy Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNW. Tidal Investments LLC increased its stake in shares of ReNew Energy Global by 15.4% in the 2nd quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock valued at $91,000 after acquiring an additional 1,752 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of ReNew Energy Global by 6.9% during the second quarter. Corient Private Wealth LLC now owns 28,643 shares of the company’s stock worth $198,000 after purchasing an additional 1,849 shares during the period. Cerity Partners LLC increased its holdings in ReNew Energy Global by 9.3% during the 2nd quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after purchasing an additional 2,225 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of ReNew Energy Global during the 2nd quarter worth approximately $29,000. Finally, Quarry LP acquired a new stake in ReNew Energy Global in the 3rd quarter valued at $33,000. Institutional investors own 43.56% of the company’s stock.

Wall Street Analyst Weigh In

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

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.