ReNew Energy Global Plc (NASDAQ:RNW) Short Interest Update

ReNew Energy Global Plc (NASDAQ:RNW) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 2,150,000 shares, a growth of 21.5% from the February 13th total of 1,770,000 shares. Currently, 1.4% of the shares of the stock are short sold. Based on an average daily volume of 1,340,000 shares, the short-interest ratio is currently 1.6 days.

ReNew Energy Global Price Performance

NASDAQ:RNW traded down $0.05 during midday trading on Tuesday, hitting $6.13. The company had a trading volume of 360,192 shares, compared to its average volume of 1,030,771. ReNew Energy Global has a 52-week low of $5.15 and a 52-week high of $7.49. The stock’s fifty day moving average price is $6.50 and its 200-day moving average price is $6.27. The company has a market capitalization of $2.22 billion, a PE ratio of 122.60 and a beta of 0.89. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74.

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

Analyst Ratings Changes

Separately, Roth Mkm reduced their price target on shares of ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating for the company in a research report on Friday, February 21st.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new position in ReNew Energy Global in the fourth quarter worth $25,000. BNP Paribas Financial Markets purchased a new stake in ReNew Energy Global during the fourth quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in ReNew Energy Global during the fourth quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in ReNew Energy Global during the fourth quarter valued at about $52,000. Finally, Signaturefd LLC purchased a new stake in ReNew Energy Global during the fourth quarter valued at about $65,000. 43.56% of the stock is currently 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.