ReNew Energy Global Target of Unusually Large Options Trading (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW) was the target of some unusual options trading on Wednesday. Investors purchased 14,473 put options on the stock. This represents an increase of 3,465% compared to the typical daily volume of 406 put options.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. increased its stake in ReNew Energy Global by 191.4% in the fourth quarter. Franklin Resources Inc. now owns 5,693,312 shares of the company’s stock valued at $38,885,000 after purchasing an additional 3,739,645 shares during the last quarter. Walleye Capital LLC purchased a new position in shares of ReNew Energy Global in the 4th quarter valued at $19,302,000. Helikon Investments Ltd acquired a new stake in ReNew Energy Global during the 4th quarter worth $15,055,000. State of New Jersey Common Pension Fund D purchased a new stake in ReNew Energy Global in the fourth quarter valued at $4,436,000. Finally, Norges Bank acquired a new position in ReNew Energy Global in the fourth quarter valued at $4,107,000. Institutional investors and hedge funds own 43.56% of the company’s stock.

Analyst Ratings Changes

Separately, Roth Mkm cut their price target on ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating on the stock in a report on Friday, February 21st.

ReNew Energy Global Stock Up 0.5 %

Shares of ReNew Energy Global stock opened at $6.07 on Friday. ReNew Energy Global has a 52-week low of $5.15 and a 52-week high of $7.49. The company has a 50 day moving average of $6.33 and a 200 day moving average of $6.28. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The company has a market capitalization of $2.20 billion, a P/E ratio of 121.40 and a beta of 0.89.

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

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.