ReNew Energy Global (NASDAQ:RNW) Stock Price Up 1.6% – Should You Buy?

ReNew Energy Global PLC (NASDAQ:RNW)’s stock price was up 1.6% on Friday . The stock traded as high as $6.29 and last traded at $6.29. 4,032,756 shares were traded during trading, an increase of 276% from the average daily volume of 1,072,924 shares. The stock had previously closed at $6.19.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Zacks Research raised ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Mizuho cut their price objective on shares of ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating on the stock in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.39.

ReNew Energy Global Trading Up 1.6%

The firm has a market capitalization of $2.28 billion, a PE ratio of 20.29 and a beta of 1.12. The firm has a 50 day simple moving average of $6.08 and a 200 day simple moving average of $5.55. The company has a current ratio of 0.42, a quick ratio of 0.37 and a debt-to-equity ratio of 3.60.

ReNew Energy Global (NASDAQ:RNW) last posted its quarterly earnings results on Thursday, June 25th. The company reported $0.10 earnings per share for the quarter. The firm had revenue of $340.00 million during the quarter, compared to analysts’ expectations of $291.80 million. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%. Equities analysts expect that ReNew Energy Global PLC will post 0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

A number of hedge funds have recently bought and sold shares of RNW. Norges Bank purchased a new stake in shares of ReNew Energy Global during the 4th quarter valued at about $58,238,000. State Street Corp raised its holdings in shares of 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 during the last quarter. Man Group plc lifted 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 during the period. ABN Amro Investment Solutions bought a new position in ReNew Energy Global during the first quarter valued at approximately $4,396,000. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in ReNew Energy Global by 881.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 907,749 shares of the company’s stock worth $5,129,000 after purchasing an additional 815,290 shares during the last quarter. Hedge funds and other institutional investors own 43.56% of the company’s stock.

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.