Norges Bank Invests $58.24 Million in ReNew Energy Global PLC $RNW

Norges Bank purchased a new position in ReNew Energy Global PLC (NASDAQ:RNW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,307,658 shares of the company’s stock, valued at approximately $58,238,000. Norges Bank owned about 2.84% of ReNew Energy Global as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Harvest Portfolios Group Inc. grew its position in shares of ReNew Energy Global by 3.9% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 41,751 shares of the company’s stock valued at $321,000 after acquiring an additional 1,568 shares during the period. Tidal Investments LLC lifted its stake in ReNew Energy Global by 15.4% in the second quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock valued at $91,000 after purchasing an additional 1,752 shares during the last quarter. Corient Private Wealth LLC grew its holdings in ReNew Energy Global by 6.9% during the second quarter. Corient Private Wealth LLC now owns 28,643 shares of the company’s stock valued at $198,000 after purchasing an additional 1,849 shares during the period. Cerity Partners LLC increased its position in ReNew Energy Global by 9.3% in the second quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after buying an additional 2,225 shares during the last quarter. Finally, Aberdeen Group plc lifted its position in shares of ReNew Energy Global by 14.8% during the 4th quarter. Aberdeen Group plc now owns 23,334 shares of the company’s stock valued at $132,000 after buying an additional 3,000 shares during the last quarter. Hedge funds and other institutional investors own 43.56% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings lowered ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 13th. Zacks Research raised shares of ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Finally, Mizuho reduced their target price on shares of ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating for the company in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, ReNew Energy Global presently has a consensus rating of “Hold” and an average target price of $6.39.

ReNew Energy Global Stock Performance

NASDAQ:RNW opened at $6.04 on Monday. ReNew Energy Global PLC has a 1 year low of $4.39 and a 1 year high of $8.24. The stock’s fifty day moving average price is $5.35 and its two-hundred day moving average price is $5.67. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.42 and a quick ratio of 0.37. The company has a market cap of $2.19 billion, a P/E ratio of 19.48 and a beta of 1.12.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings results on Monday, May 18th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.17. The company had revenue of $355.59 million during the quarter, compared to analysts’ expectations of $307.73 million. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%. As a group, analysts expect that ReNew Energy Global PLC will post 0.22 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.