ReNew Energy Global (NASDAQ:RNW) Upgraded by Zacks Research to “Strong-Buy” Rating

ReNew Energy Global (NASDAQ:RNW) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also recently commented on RNW. Weiss Ratings cut ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Morgan Stanley set a $6.03 price target on ReNew Energy Global in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $6.52.

ReNew Energy Global Stock Up 3.7%

NASDAQ RNW opened at $5.55 on Tuesday. The stock’s 50 day moving average is $5.10 and its 200 day moving average is $5.78. The company has a current ratio of 0.42, a quick ratio of 0.52 and a debt-to-equity ratio of 3.60. ReNew Energy Global has a 12 month low of $4.39 and a 12 month high of $8.24. The stock has a market cap of $2.01 billion, a PE ratio of 17.90 and a beta of 1.07.

ReNew Energy Global (NASDAQ:RNW) last posted its quarterly earnings results on Monday, May 18th. The company reported $0.02 EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.17. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%.The company had revenue of $355.59 million for the quarter, compared to analysts’ expectations of $307.73 million. Research analysts predict that ReNew Energy Global will post 0.2 EPS for the current fiscal year.

Institutional Trading of ReNew Energy Global

Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new stake in ReNew Energy Global in the 2nd quarter worth approximately $29,000. Farther Finance Advisors LLC increased its stake in ReNew Energy Global by 213.9% in the 4th quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company’s stock worth $31,000 after acquiring an additional 3,750 shares during the last quarter. Quarry LP bought a new stake in ReNew Energy Global in the 3rd quarter worth approximately $33,000. SBI Securities Co. Ltd. bought a new stake in ReNew Energy Global in the 4th quarter worth approximately $37,000. Finally, DGS Capital Management LLC bought a new stake in ReNew Energy Global in the 4th quarter worth approximately $65,000. Institutional investors own 43.56% of the company’s stock.

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.