ReNew Energy Global (NASDAQ:RNW) Issues Earnings Results, Misses Expectations By $0.04 EPS

ReNew Energy Global (NASDAQ:RNW) issued its quarterly earnings data on Monday. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04), Zacks reports. ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.97%. The company had revenue of $433.94 million for the quarter, compared to the consensus estimate of $403.19 million.

ReNew Energy Global Trading Down 0.9%

RNW stock opened at $7.33 on Wednesday. ReNew Energy Global has a 12-month low of $5.18 and a 12-month high of $8.24. The business’s 50-day moving average is $7.71 and its 200 day moving average is $7.34. The company has a current ratio of 0.77, a quick ratio of 0.73 and a debt-to-equity ratio of 4.42. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 23.77 and a beta of 0.89.

Wall Street Analysts Forecast Growth

Separately, Mizuho set a $8.15 target price on ReNew Energy Global and gave the company a “neutral” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $7.83.

Hedge Funds Weigh In On ReNew Energy Global

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Quantbot Technologies LP purchased a new stake in shares of ReNew Energy Global in the second quarter valued at approximately $29,000. Evergreen Capital Management LLC purchased a new position in ReNew Energy Global during the second quarter worth approximately $74,000. Tidal Investments LLC boosted its stake in ReNew Energy Global by 15.4% during the second quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock worth $91,000 after buying an additional 1,752 shares during the last quarter. Bank of America Corp DE grew its holdings in ReNew Energy Global by 722.2% in the 4th quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock valued at $107,000 after buying an additional 13,721 shares in the last quarter. Finally, State of Wyoming raised its holdings in shares of ReNew Energy Global by 111.4% during the 2nd quarter. State of Wyoming now owns 18,903 shares of the company’s stock worth $131,000 after acquiring an additional 9,962 shares during the period. 43.56% of the stock is currently owned by institutional investors and hedge funds.

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.