ReNew Energy Global PLC (NASDAQ:RNW) Short Interest Update

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 2,673,645 shares, a growth of 50.8% from the August 31st total of 1,772,731 shares. Based on an average daily volume of 2,137,122 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.8% of the company’s stock are short sold.

ReNew Energy Global Trading Up 0.1%

Shares of RNW stock traded up $0.01 on Friday, hitting $6.83. 8,789 shares of the company’s stock traded hands, compared to its average volume of 1,379,911. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 21.36 and a beta of 1.18. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.40 and a current ratio of 0.43. The company’s fifty day simple moving average is $6.67 and its 200 day simple moving average is $6.00. ReNew Energy Global has a one year low of $4.39 and a one year high of $8.17.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings data on Tuesday, August 18th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.12 by $0.05. ReNew Energy Global had a net margin of 7.24% and a return on equity of 7.71%. The firm had revenue of $472.92 million during the quarter, compared to the consensus estimate of $459.86 million. Equities analysts forecast that ReNew Energy Global will post 0.23 EPS for the current year.

Analyst Upgrades and Downgrades

RNW has been the topic of several recent analyst reports. Roth Capital lowered shares of ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 26th. Weiss Ratings upgraded ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 24th. Finally, Zacks Research cut ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a report on Friday, July 17th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $6.39.

Institutional Investors Weigh In On ReNew Energy Global

A number of large investors have recently added to or reduced their stakes in RNW. Tidal Investments LLC lifted its position in shares of ReNew Energy Global by 16.1% in the second quarter. Tidal Investments LLC now owns 15,595 shares of the company’s stock valued at $97,000 after acquiring an additional 2,164 shares in the last quarter. Squarepoint Ops LLC boosted its stake in shares of ReNew Energy Global by 602.4% during the 2nd quarter. Squarepoint Ops LLC now owns 75,047 shares of the company’s stock worth $469,000 after purchasing an additional 64,363 shares during the period. Allworth Financial LP lifted its position in shares of ReNew Energy Global by 57.6% during the second quarter. Allworth Financial LP now owns 4,600 shares of the company’s stock worth $29,000 after purchasing an additional 1,682 shares during the last quarter. Corient Private Wealth LP grew its stake in ReNew Energy Global by 12.4% in the 2nd quarter. Corient Private Wealth LP now owns 41,234 shares of the company’s stock worth $258,000 after acquiring an additional 4,536 shares in the last quarter. Finally, Aristides Capital LLC lifted its holdings in shares of ReNew Energy Global by 14.1% in the 1st quarter. Aristides Capital LLC now owns 157,548 shares of the company’s stock worth $722,000 after buying an additional 19,528 shares during the period. Institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Company Profile

ReNew Energy Global plc is a renewable energy company focused on developing, owning and operating clean power projects in India. Its portfolio is centered on utility-scale wind and solar generation, with additional activities in hydropower, energy storage and other clean-energy infrastructure.

The company supplies renewable electricity to utilities, commercial and industrial customers, and other counterparties through long-term power arrangements. ReNew has also expanded into emerging decarbonization opportunities, including green hydrogen and related clean-energy solutions, as well as projects intended to improve the reliability and integration of renewable power.

Founded in 2011 by Sumant Sinha, ReNew is headquartered in Gurugram, India, and primarily serves the Indian market.