ReNew Energy Global (NASDAQ:RNW) Stock Price Down 4.3%

Shares of ReNew Energy Global Plc (NASDAQ:RNWGet Free Report) dropped 4.3% on Thursday . The stock traded as low as $5.64 and last traded at $5.96. Approximately 249,270 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 801,106 shares. The stock had previously closed at $6.23.

Wall Street Analyst Weigh In

Separately, Roth Mkm reiterated a “buy” rating and issued a $9.00 price objective (up previously from $8.00) on shares of ReNew Energy Global in a research report on Friday.

Check Out Our Latest Stock Analysis on RNW

ReNew Energy Global Stock Up 6.5 %

The company has a debt-to-equity ratio of 4.65, a current ratio of 0.73 and a quick ratio of 0.84. The stock has a market capitalization of $2.31 billion, a PE ratio of 51.67 and a beta of 0.92. The company has a 50 day moving average price of $5.90 and a 200-day moving average price of $6.42.

Hedge Funds Weigh In On ReNew Energy Global

Several hedge funds have recently made changes to their positions in RNW. Sylebra Capital LLC purchased a new position in shares of ReNew Energy Global during the third quarter valued at approximately $13,962,000. Rubric Capital Management LP grew its stake in ReNew Energy Global by 21.2% in the third quarter. Rubric Capital Management LP now owns 9,897,426 shares of the company’s stock worth $53,743,000 after purchasing an additional 1,731,521 shares during the period. Swedbank AB purchased a new stake in ReNew Energy Global in the first quarter worth $4,814,000. TT International Asset Management LTD purchased a new stake in ReNew Energy Global in the fourth quarter worth $2,097,000. Finally, Fiera Capital Corp purchased a new stake in ReNew Energy Global in the fourth quarter worth $1,567,000. 43.56% of the stock is owned by hedge funds and other institutional investors.

About ReNew Energy Global

(Get Free Report)

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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