Roth Mkm Has Lowered Expectations for ReNew Energy Global (NASDAQ:RNW) Stock Price

ReNew Energy Global (NASDAQ:RNW) had its price objective dropped by equities researchers at Roth Mkm from $8.00 to $7.50 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Roth Mkm’s price objective points to a potential upside of 22.75% from the stock’s current price.

ReNew Energy Global Trading Down 3.8 %

Shares of RNW opened at $6.11 on Friday. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 122.20 and a beta of 0.89. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.64 and a current ratio of 0.60. ReNew Energy Global has a fifty-two week low of $5.15 and a fifty-two week high of $7.49. The firm has a 50 day moving average price of $6.73 and a 200-day moving average price of $6.22.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings data on Tuesday, February 18th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The business had revenue of $248.00 million during the quarter, compared to the consensus estimate of $20.22 billion. ReNew Energy Global had a return on equity of 1.75% and a net margin of 2.17%. As a group, equities research analysts forecast that ReNew Energy Global will post 0.15 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Alpine Global Management LLC purchased a new position in shares of ReNew Energy Global in the fourth quarter worth $990,000. Vident Advisory LLC purchased a new position in shares of ReNew Energy Global in the fourth quarter worth $206,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of ReNew Energy Global in the fourth quarter worth $52,000. Point72 Asset Management L.P. purchased a new position in shares of ReNew Energy Global in the fourth quarter worth $25,000. Finally, Millennium Management LLC increased its stake in shares of ReNew Energy Global by 8.9% in the fourth quarter. Millennium Management LLC now owns 5,169,576 shares of the company’s stock worth $35,308,000 after buying an additional 420,831 shares during the period. 43.56% of the stock is owned by hedge funds and other institutional investors.

ReNew Energy Global Company Profile

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.