ReNew Energy Global (NASDAQ:RNW) Posts Quarterly Earnings Results, Beats Estimates By $0.23 EPS

ReNew Energy Global (NASDAQ:RNW) issued its earnings results on Monday. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.23, FiscalAI reports. ReNew Energy Global had a net margin of 6.95% and a return on equity of 10.50%. The firm had revenue of $355.59 million for the quarter, compared to analysts’ expectations of $307.73 million.

ReNew Energy Global Stock Performance

NASDAQ:RNW opened at $5.35 on Monday. The stock has a market cap of $1.94 billion, a P/E ratio of 12.74 and a beta of 1.07. The firm’s fifty day simple moving average is $5.09 and its 200 day simple moving average is $5.82. ReNew Energy Global has a twelve month low of $4.39 and a twelve month high of $8.24. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 3.84.

Wall Street Analysts Forecast Growth

RNW has been the topic of several recent analyst reports. Morgan Stanley set a $6.03 target price on shares of ReNew Energy Global in a report on Monday, February 2nd. Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $6.52.

Institutional Trading of ReNew Energy Global

Large investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP boosted its holdings in ReNew Energy Global by 188.1% in the third quarter. Quantbot Technologies LP now owns 12,203 shares of the company’s stock valued at $94,000 after acquiring an additional 7,968 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in ReNew Energy Global by 9.0% in the third quarter. JPMorgan Chase & Co. now owns 699,905 shares of the company’s stock valued at $5,389,000 after acquiring an additional 57,508 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in ReNew Energy Global by 118,342.5% in the second quarter. Osaic Holdings Inc. now owns 86,463 shares of the company’s stock valued at $597,000 after acquiring an additional 86,390 shares in the last quarter. State of Wyoming boosted its holdings in ReNew Energy Global by 111.4% in the second quarter. State of Wyoming now owns 18,903 shares of the company’s stock valued at $131,000 after acquiring an additional 9,962 shares in the last quarter. Finally, Evergreen Capital Management LLC bought a new stake in ReNew Energy Global in the second quarter valued at $74,000. Institutional investors own 43.56% of the company’s stock.

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.