abrdn plc Cuts Stock Position in ReNew Energy Global Plc (NASDAQ:RNW)

abrdn plc lowered its holdings in ReNew Energy Global Plc (NASDAQ:RNW) by 27.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,168,992 shares of the company’s stock after selling 1,964,099 shares during the period. abrdn plc owned about 1.39% of ReNew Energy Global worth $39,594,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pale Fire Capital SE bought a new stake in shares of ReNew Energy Global in the third quarter valued at $54,000. Counterpoint Mutual Funds LLC bought a new stake in shares of ReNew Energy Global in the third quarter valued at $87,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of ReNew Energy Global in the third quarter valued at $90,000. Syon Capital LLC bought a new stake in shares of ReNew Energy Global in the third quarter valued at $93,000. Finally, Cerity Partners LLC bought a new stake in shares of ReNew Energy Global in the fourth quarter valued at $180,000. Hedge funds and other institutional investors own 43.56% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Roth Mkm lowered their target price on ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, April 11th. Mizuho boosted their target price on ReNew Energy Global from $8.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.35.

ReNew Energy Global Stock Performance

NASDAQ:RNW opened at $5.66 on Tuesday. The company has a debt-to-equity ratio of 4.57, a quick ratio of 0.84 and a current ratio of 0.85. ReNew Energy Global Plc has a 52-week low of $4.78 and a 52-week high of $7.79. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 56.60 and a beta of 0.91. The business’s fifty day moving average is $6.13 and its 200 day moving average is $6.36.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). ReNew Energy Global had a net margin of 3.61% and a return on equity of 2.96%. The company had revenue of $232.00 million for the quarter, compared to the consensus estimate of $195.90 million. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Research analysts predict that ReNew Energy Global Plc will post 0.04 EPS for the current 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.