ReNew Energy Global Target of Unusually High Options Trading (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW) saw some unusual options trading on Wednesday. Stock investors purchased 14,473 put options on the company. This is an increase of 3,465% compared to the typical volume of 406 put options.

Institutional Investors Weigh In On ReNew Energy Global

Institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. raised its holdings in ReNew Energy Global by 191.4% during the 4th quarter. Franklin Resources Inc. now owns 5,693,312 shares of the company’s stock worth $38,885,000 after purchasing an additional 3,739,645 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of ReNew Energy Global during the fourth quarter worth approximately $19,302,000. Helikon Investments Ltd acquired a new position in ReNew Energy Global in the fourth quarter valued at approximately $15,055,000. State of New Jersey Common Pension Fund D bought a new position in ReNew Energy Global in the fourth quarter valued at approximately $4,436,000. Finally, Norges Bank acquired a new stake in ReNew Energy Global during the 4th quarter worth $4,107,000. Institutional investors own 43.56% of the company’s stock.

Analysts Set New Price Targets

Separately, Roth Mkm dropped their target price on shares of ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating for the company in a research report on Friday, February 21st.

ReNew Energy Global Stock Up 3.4 %

NASDAQ RNW opened at $6.04 on Thursday. The stock’s 50 day simple moving average is $6.34 and its 200 day simple moving average is $6.29. ReNew Energy Global has a one year low of $5.15 and a one year high of $7.49. The firm has a market cap of $2.19 billion, a PE ratio of 120.80 and a beta of 0.89. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.64.

ReNew Energy Global (NASDAQ:RNW) last announced its earnings results on Tuesday, February 18th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). ReNew Energy Global had a return on equity of 1.75% and a net margin of 2.17%. The business had revenue of $248.00 million for the quarter, compared to the consensus estimate of $20.22 billion. As a group, sell-side analysts forecast that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

About ReNew Energy Global

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.