ReNew Energy Global (NASDAQ:RNW) Sees Strong Trading Volume – Here’s What Happened

ReNew Energy Global PLC (NASDAQ:RNW) shares saw unusually-strong trading volume on Wednesday . 1,017,503 shares were traded during trading, a decline of 13% from the previous session’s volume of 1,173,966 shares.The stock last traded at $6.8150 and had previously closed at $6.85.

Analyst Upgrades and Downgrades

RNW has been the subject of several recent analyst reports. Weiss Ratings upgraded ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, June 24th. Zacks Research downgraded ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Finally, Mizuho dropped their target price on shares of ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating for the company in a report on Monday, June 1st. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, ReNew Energy Global currently has an average rating of “Hold” and a consensus price target of $6.39.

ReNew Energy Global Trading Down 0.1%

The firm’s fifty day moving average is $6.23 and its 200-day moving average is $5.65. The company has a debt-to-equity ratio of 3.66, a current ratio of 0.43 and a quick ratio of 0.38. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 21.94 and a beta of 1.12.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings results on Thursday, June 25th. The company reported $0.10 earnings per share (EPS) for the quarter. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%.The firm had revenue of $340.00 million for the quarter, compared to analyst estimates of $291.80 million. Equities analysts anticipate that ReNew Energy Global PLC will post 0.22 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RNW. Bank of America Corp DE boosted its position in ReNew Energy Global by 722.2% during the fourth quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock worth $107,000 after purchasing an additional 13,721 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of ReNew Energy Global by 94.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company’s stock valued at $4,439,000 after buying an additional 311,297 shares in the last quarter. Quantbot Technologies LP bought a new position in ReNew Energy Global in the 2nd quarter worth about $29,000. Cerity Partners LLC increased its holdings in shares of ReNew Energy Global by 9.3% in the second quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after purchasing an additional 2,225 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of ReNew Energy Global by 1,217.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 72,647 shares of the company’s stock worth $502,000 after buying an additional 67,134 shares during the last quarter. 43.56% of the stock is currently owned by hedge funds and other institutional investors.

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.