ReNew Energy Global (NASDAQ:RNW) Shares Down 5%

ReNew Energy Global Plc (NASDAQ:RNW)’s stock price was down 5% during trading on Friday . The stock traded as low as $6.12 and last traded at $6.13. Approximately 531,701 shares traded hands during trading, a decline of 38% from the average daily volume of 857,323 shares. The stock had previously closed at $6.45.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reiterated a “buy” rating and set a $9.00 price objective (up from $8.00) on shares of ReNew Energy Global in a research note on Friday, June 7th.

ReNew Energy Global Stock Down 3.3 %

The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of 52.00 and a beta of 0.92. The business’s 50-day moving average is $6.09 and its 200-day moving average is $6.41. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 4.65.

ReNew Energy Global (NASDAQ:RNW) last posted its earnings results on Wednesday, June 5th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.08. The company had revenue of $297.00 million during the quarter, compared to the consensus estimate of $243.45 million. ReNew Energy Global had a net margin of 4.17% and a return on equity of 3.36%. As a group, equities analysts predict that ReNew Energy Global Plc will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rubric Capital Management LP increased its holdings in ReNew Energy Global by 21.2% in the third quarter. Rubric Capital Management LP now owns 9,897,426 shares of the company’s stock valued at $53,743,000 after buying an additional 1,731,521 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in ReNew Energy Global by 18.9% in the third quarter. Advisors Asset Management Inc. now owns 63,412 shares of the company’s stock valued at $344,000 after buying an additional 10,082 shares in the last quarter. GSA Capital Partners LLP increased its holdings in ReNew Energy Global by 945.4% in the third quarter. GSA Capital Partners LLP now owns 130,669 shares of the company’s stock valued at $710,000 after buying an additional 118,169 shares in the last quarter. Tejara Capital Ltd increased its holdings in ReNew Energy Global by 12.8% in the third quarter. Tejara Capital Ltd now owns 119,428 shares of the company’s stock valued at $648,000 after buying an additional 13,528 shares in the last quarter. Finally, Graham Capital Management L.P. purchased a new position in ReNew Energy Global in the third quarter valued at $304,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

About ReNew Energy Global

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.