ReNew Energy Global PLC (NASDAQ:RNW) Sees Significant Growth in Short Interest

ReNew Energy Global PLC (NASDAQ:RNW) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 2,956,550 shares, a growth of 20.7% from the March 15th total of 2,448,929 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily trading volume, of 928,982 shares, the short-interest ratio is currently 3.2 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Harvest Portfolios Group Inc. raised its holdings in shares of ReNew Energy Global by 3.9% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 41,751 shares of the company’s stock valued at $321,000 after purchasing an additional 1,568 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of ReNew Energy Global by 15.4% during the 2nd quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock valued at $91,000 after purchasing an additional 1,752 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of ReNew Energy Global by 6.9% during the 2nd quarter. Corient Private Wealth LLC now owns 28,643 shares of the company’s stock valued at $198,000 after purchasing an additional 1,849 shares in the last quarter. Cerity Partners LLC raised its holdings in ReNew Energy Global by 9.3% in the 2nd quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after acquiring an additional 2,225 shares during the period. Finally, Aberdeen Group plc raised its holdings in ReNew Energy Global by 14.8% in the 4th quarter. Aberdeen Group plc now owns 23,334 shares of the company’s stock worth $132,000 after acquiring an additional 3,000 shares during the period. Institutional investors own 43.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Morgan Stanley set a $6.03 target price on shares of ReNew Energy Global in a research note on Monday, February 2nd. Weiss Ratings lowered shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $6.52.

ReNew Energy Global Stock Up 0.4%

ReNew Energy Global stock opened at $4.99 on Friday. The company has a market capitalization of $1.81 billion, a P/E ratio of 11.88 and a beta of 0.99. The firm’s fifty day simple moving average is $5.13 and its 200-day simple moving average is $6.18. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 3.84. ReNew Energy Global has a 1-year low of $4.39 and a 1-year high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings results on Monday, February 16th. The company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.12. The business had revenue of $349.01 million for the quarter, compared to the consensus estimate of $262.33 million. ReNew Energy Global had a net margin of 6.95% and a return on equity of 10.50%. Sell-side analysts forecast that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

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.