Short Interest in ReNew Energy Global PLC (NASDAQ:RNW) Declines By 16.5%

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a large drop in short interest during the month of February. As of February 13th, there was short interest totaling 2,934,207 shares, a drop of 16.5% from the January 29th total of 3,515,944 shares. Currently, 0.9% of the company’s shares are sold short. Based on an average daily trading volume, of 745,206 shares, the short-interest ratio is presently 3.9 days. Based on an average daily trading volume, of 745,206 shares, the short-interest ratio is presently 3.9 days. Currently, 0.9% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RNW shares. Morgan Stanley set a $6.03 target price on ReNew Energy Global in a research report on Monday, February 2nd. Weiss Ratings raised ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, February 26th. Finally, Mizuho reduced their target price on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 16th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, ReNew Energy Global presently has an average rating of “Hold” and a consensus price target of $6.52.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds have recently bought and sold shares of RNW. Norges Bank acquired a new position in shares of ReNew Energy Global in the 2nd quarter valued at $3,129,000. Y Intercept Hong Kong Ltd raised its stake in ReNew Energy Global by 487.4% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 104,056 shares of the company’s stock worth $719,000 after buying an additional 86,342 shares during the period. GAM Holding AG raised its stake in ReNew Energy Global by 94.7% during the 3rd quarter. GAM Holding AG now owns 370,000 shares of the company’s stock worth $2,849,000 after buying an additional 180,000 shares during the period. M&G PLC lifted its holdings in ReNew Energy Global by 14.6% during the second quarter. M&G PLC now owns 2,188,498 shares of the company’s stock worth $15,319,000 after acquiring an additional 278,863 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in ReNew Energy Global by 21.8% in the second quarter. Franklin Resources Inc. now owns 14,187,989 shares of the company’s stock valued at $98,039,000 after acquiring an additional 2,540,442 shares during the period. 43.56% of the stock is currently owned by institutional investors and hedge funds.

ReNew Energy Global Trading Up 0.4%

NASDAQ RNW opened at $5.43 on Thursday. The stock has a 50-day simple moving average of $5.46 and a 200 day simple moving average of $6.76. The company has a market capitalization of $1.97 billion, a PE ratio of 12.93 and a beta of 0.90. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 3.84. ReNew Energy Global has a 12 month low of $5.05 and a 12 month high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last issued its earnings results on Monday, February 16th. The company reported $0.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.12. The firm had revenue of $349.01 million for the quarter, compared to analysts’ expectations of $262.33 million. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%. Research analysts forecast that ReNew Energy Global will post 0.15 EPS for the current year.

About ReNew Energy Global

ReNew Energy Global PLC is an independent power producer specializing in the development, construction, ownership and operation of utility-scale renewable energy projects. Headquartered in Gurugram, India, the company focuses on onshore wind farms, solar photovoltaic plants and hybrid energy systems, often paired with battery energy storage to enhance grid stability and dispatch flexibility. ReNew Energy Global markets electricity under long-term power purchase agreements, serving utilities, distribution companies and corporate offtakers.

The company’s core business activities encompass site identification, project design, procurement, construction management and ongoing asset management.