Shares of ReNew Energy Global Plc (NASDAQ:RNW – Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $5.93, but opened at $6.47. ReNew Energy Global shares last traded at $6.70, with a volume of 181,423 shares changing hands.
Analyst Upgrades and Downgrades
Separately, HSBC reduced their target price on ReNew Energy Global from $9.00 to $8.75 and set a “buy” rating on the stock in a report on Tuesday, August 22nd.
ReNew Energy Global Stock Performance
ReNew Energy Global (NASDAQ:RNW – Get Free Report) last issued its quarterly earnings results on Friday, August 18th. The company reported $0.09 EPS for the quarter, hitting analysts’ consensus estimates of $0.09. The company had revenue of $300.00 million for the quarter, compared to analyst estimates of $305.20 million. ReNew Energy Global had a negative net margin of 2.21% and a negative return on equity of 1.65%. Equities research analysts anticipate that ReNew Energy Global Plc will post -0.01 EPS for the current year.
Hedge Funds Weigh In On ReNew Energy Global
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rubric Capital Management LP lifted its stake in ReNew Energy Global by 258.3% in the first quarter. Rubric Capital Management LP now owns 8,165,905 shares of the company’s stock valued at $45,892,000 after buying an additional 5,886,892 shares during the period. Picton Mahoney Asset Management boosted its position in shares of ReNew Energy Global by 24.0% during the 2nd quarter. Picton Mahoney Asset Management now owns 809,542 shares of the company’s stock worth $4,437,000 after purchasing an additional 156,703 shares in the last quarter. Aristides Capital LLC bought a new position in shares of ReNew Energy Global during the 1st quarter worth about $816,000. Tortoise Capital Advisors L.L.C. boosted its position in shares of ReNew Energy Global by 29.5% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 4,737,564 shares of the company’s stock worth $26,625,000 after purchasing an additional 1,078,729 shares in the last quarter. Finally, Evermay Wealth Management LLC bought a new position in ReNew Energy Global in the first quarter worth approximately $169,000. Institutional investors and hedge funds 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.
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