ReNew Energy Global (NASDAQ:RNW) Shares Down 4.7%

ReNew Energy Global Plc (NASDAQ:RNW)’s share price dropped 4.7% on Monday . The stock traded as low as $5.64 and last traded at $5.69. Approximately 287,684 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 818,039 shares. The stock had previously closed at $5.97.

Analyst Ratings Changes

A number of brokerages have issued reports on RNW. Bank of America lifted their target price on shares of ReNew Energy Global from $6.00 to $7.00 in a research note on Friday, June 16th. HSBC lowered their target price on ReNew Energy Global from $9.00 to $8.75 and set a “buy” rating on the stock in a research note on Tuesday, August 22nd.

ReNew Energy Global Stock Down 2.5 %

The company has a current ratio of 0.77, a quick ratio of 0.75 and a debt-to-equity ratio of 3.96. The business’s fifty day moving average price is $5.98 and its two-hundred day moving average price is $5.56. The firm has a market cap of $2.17 billion, a P/E ratio of -66.33 and a beta of 0.74.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings results on Friday, August 18th. The company reported $0.09 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.09. The company had revenue of $300.00 million during the quarter, compared to analysts’ expectations of $305.20 million. ReNew Energy Global had a negative return on equity of 1.65% and a negative net margin of 2.21%. As a group, equities research analysts anticipate that ReNew Energy Global Plc will post -0.1 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. State of Wyoming bought a new position in shares of ReNew Energy Global in the fourth quarter worth about $28,000. Quantbot Technologies LP boosted its position in shares of ReNew Energy Global by 556.4% in the second quarter. Quantbot Technologies LP now owns 4,595 shares of the company’s stock valued at $29,000 after acquiring an additional 3,895 shares during the period. Citigroup Inc. bought a new position in ReNew Energy Global during the second quarter worth $55,000. Prelude Capital Management LLC acquired a new position in ReNew Energy Global during the 1st quarter valued at $82,000. Finally, Amundi boosted its holdings in ReNew Energy Global by 53.1% in the 4th quarter. Amundi now owns 15,996 shares of the company’s stock valued at $90,000 after purchasing an additional 5,550 shares during the period. Institutional investors own 38.25% of the company’s stock.

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.