ReNew Energy Global (NASDAQ:RNW) Announces Quarterly Earnings Results

ReNew Energy Global (NASDAQ:RNW) announced its quarterly earnings results on Thursday. The company reported $0.10 earnings per share (EPS) for the quarter, Zacks reports. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%.

ReNew Energy Global Price Performance

Shares of ReNew Energy Global stock opened at $6.37 on Friday. The firm has a market cap of $2.31 billion, a PE ratio of 20.55 and a beta of 1.12. ReNew Energy Global has a twelve month low of $4.39 and a twelve month high of $8.24. The company has a quick ratio of 0.37, a current ratio of 0.42 and a debt-to-equity ratio of 3.60. The business has a 50-day moving average price of $5.77 and a 200 day moving average price of $5.54.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RNW shares. Weiss Ratings raised shares of ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Zacks Research upgraded shares of ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Mizuho lowered their price target on shares of ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating on the stock in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, ReNew Energy Global presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.39.

Hedge Funds Weigh In On ReNew Energy Global

Hedge funds have recently bought and sold shares of the business. Jump Financial LLC purchased a new position in ReNew Energy Global during the fourth quarter valued at $134,000. Parallel Advisors LLC increased its stake in shares of ReNew Energy Global by 61.3% during the third quarter. Parallel Advisors LLC now owns 17,806 shares of the company’s stock worth $137,000 after purchasing an additional 6,765 shares in the last quarter. Orion Porfolio Solutions LLC purchased a new stake in shares of ReNew Energy Global during the third quarter worth about $126,000. Cresset Asset Management LLC purchased a new stake in shares of ReNew Energy Global during the third quarter worth about $152,000. Finally, State of Wyoming raised its position in shares of ReNew Energy Global by 111.4% during the 2nd quarter. State of Wyoming now owns 18,903 shares of the company’s stock worth $131,000 after purchasing an additional 9,962 shares during the last quarter. Hedge funds and other institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Company Profile

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.