ReNew Energy Global (NASDAQ:RNW) Sees Unusually-High Trading Volume – Time to Buy?

ReNew Energy Global PLC (NASDAQ:RNW) shares saw unusually-high trading volume on Tuesday . Approximately 1,619,206 shares changed hands during mid-day trading, an increase of 57% from the previous session’s volume of 1,032,886 shares.The stock last traded at $5.2450 and had previously closed at $5.50.

Analyst Ratings Changes

RNW has been the subject of a number of recent analyst reports. Mizuho decreased their target price on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of ReNew Energy Global in a research note on Monday, December 8th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.25.

ReNew Energy Global Stock Down 4.5%

The stock’s fifty day moving average is $7.55 and its two-hundred day moving average is $7.48. The company has a debt-to-equity ratio of 4.34, a current ratio of 0.77 and a quick ratio of 0.74. The stock has a market capitalization of $1.91 billion, a P/E ratio of 16.92 and a beta of 0.88.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Monday, November 10th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). The business had revenue of $433.94 million during the quarter, compared to analysts’ expectations of $403.19 million. ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. As a group, research analysts predict that ReNew Energy Global PLC will post 0.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new position in shares of ReNew Energy Global in the 2nd quarter valued at approximately $29,000. Quarry LP acquired a new position in ReNew Energy Global during the 3rd quarter worth $33,000. Evergreen Capital Management LLC acquired a new position in shares of ReNew Energy Global during the second quarter worth approximately $74,000. Parallel Advisors LLC boosted its holdings in ReNew Energy Global by 766.0% in the 2nd quarter. Parallel Advisors LLC now owns 11,041 shares of the company’s stock valued at $76,000 after purchasing an additional 9,766 shares during the period. Finally, Abacus Wealth Partners LLC acquired a new stake in ReNew Energy Global in the 2nd quarter worth $85,000. 43.56% of the stock is owned by hedge funds and other institutional investors.

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.