ReNew Energy Global (NASDAQ:RNW) Price Target Lowered to $6.75 at Mizuho

ReNew Energy Global (NASDAQ:RNW) had its price target reduced by investment analysts at Mizuho from $7.00 to $6.75 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Mizuho’s price objective would suggest a potential upside of 7.07% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. Morgan Stanley set a $6.03 target price on shares of ReNew Energy Global in a research report on Monday, February 2nd. Finally, Zacks Research upgraded ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $6.39.

ReNew Energy Global Stock Performance

Shares of ReNew Energy Global stock opened at $6.30 on Monday. 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 stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 20.56 and a beta of 1.12. The business has a 50-day moving average of $5.21 and a 200 day moving average of $5.71. ReNew Energy Global has a 12 month low of $4.39 and a 12 month high of $8.24.

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

Institutional Investors Weigh In On ReNew Energy Global

A number of institutional investors and hedge funds have recently modified their holdings of RNW. Quantbot Technologies LP purchased a new position in shares of ReNew Energy Global in the second quarter valued at $29,000. Quarry LP acquired a new position in shares of ReNew Energy Global during the 3rd quarter worth approximately $33,000. Farther Finance Advisors LLC lifted 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 valued at $31,000 after buying an additional 3,750 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in ReNew Energy Global during the 4th quarter valued at $37,000. Finally, Evergreen Capital Management LLC acquired a new stake in ReNew Energy Global during the 2nd quarter valued at $74,000. Institutional investors and hedge funds 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.