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

ReNew Energy Global PLC (NASDAQ:RNW) was the target of a large growth in short interest during the month of January. As of January 30th, there was short interest totaling 3,515,944 shares, a growth of 24.2% from the January 15th total of 2,830,318 shares. Based on an average trading volume of 913,808 shares, the days-to-cover ratio is currently 3.8 days. Currently, 1.1% of the shares of the company are sold short. Currently, 1.1% of the shares of the company are sold short. Based on an average trading volume of 913,808 shares, the days-to-cover ratio is currently 3.8 days.

Hedge Funds Weigh In On ReNew Energy Global

Hedge funds and other institutional investors have recently made changes to their positions in the business. Harvest Portfolios Group Inc. increased its position in ReNew Energy Global by 3.9% in 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 grew its stake in shares of ReNew Energy Global by 15.4% in the second quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock worth $91,000 after purchasing an additional 1,752 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of 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 holdings in shares of ReNew Energy Global by 9.3% during the second quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock valued at $180,000 after purchasing an additional 2,225 shares during the period. Finally, Aberdeen Group plc raised its stake in shares of ReNew Energy Global by 14.8% during the fourth quarter. Aberdeen Group plc now owns 23,334 shares of the company’s stock valued at $132,000 after purchasing an additional 3,000 shares in the last quarter. 43.56% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on RNW shares. Mizuho lowered their target price on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, December 16th. Morgan Stanley set a $6.03 price objective on shares of ReNew Energy Global in a research report on Monday, February 2nd. Finally, Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.84.

ReNew Energy Global Stock Performance

NASDAQ:RNW traded up $0.16 during mid-day trading on Tuesday, hitting $5.51. The stock had a trading volume of 1,335,618 shares, compared to its average volume of 725,472. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 4.34. The company has a 50 day simple moving average of $5.57 and a 200-day simple moving average of $6.92. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 17.77 and a beta of 0.91. ReNew Energy Global has a 52 week low of $5.05 and a 52 week high of $8.24.

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.