ReNew Energy Global (NASDAQ:RNW) Shares Gap Down on Disappointing Earnings

Shares of ReNew Energy Global Plc (NASDAQ:RNW) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $6.76, but opened at $6.45. ReNew Energy Global shares last traded at $6.41, with a volume of 429,520 shares changing hands.

The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The company 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 2.70% and a return on equity of 2.16%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RNW. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in ReNew Energy Global by 40.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 699,905 shares of the company’s stock valued at $4,402,000 after purchasing an additional 202,100 shares in the last quarter. Rubric Capital Management LP increased its holdings in ReNew Energy Global by 1.5% during the 3rd quarter. Rubric Capital Management LP now owns 13,706,102 shares of the company’s stock worth $86,211,000 after purchasing an additional 200,000 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its position in shares of ReNew Energy Global by 21.3% during the third quarter. Kayne Anderson Capital Advisors LP now owns 888,831 shares of the company’s stock worth $5,591,000 after buying an additional 156,147 shares in the last quarter. Franklin Resources Inc. acquired a new stake in ReNew Energy Global during the third quarter valued at approximately $11,585,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of ReNew Energy Global by 33.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,118,181 shares of the company’s stock worth $7,033,000 after purchasing an additional 281,000 shares during the period. 43.56% of the stock is owned by hedge funds and other institutional investors.

ReNew Energy Global Price Performance

The company has a debt-to-equity ratio of 4.51, a current ratio of 0.65 and a quick ratio of 0.64. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 106.35 and a beta of 0.89. The company has a 50-day simple moving average of $6.78 and a two-hundred day simple moving average of $6.20.

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.