ReNew Energy Global (NASDAQ:RNW) Trading Down 4.7%

ReNew Energy Global Plc (NASDAQ:RNW) fell 4.7% during mid-day trading on Tuesday . The company traded as low as $6.06 and last traded at $6.06. 202,382 shares were traded during trading, a decline of 67% from the average session volume of 611,516 shares. The stock had previously closed at $6.36.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm cut their price target on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, April 11th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $8.35.

ReNew Energy Global Price Performance

The company has a debt-to-equity ratio of 4.57, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market cap of $2.26 billion, a PE ratio of 63.60 and a beta of 0.91. The company’s 50-day simple moving average is $6.01 and its 200 day simple moving average is $6.38.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings data on Tuesday, February 20th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). ReNew Energy Global had a net margin of 3.61% and a return on equity of 2.96%. The firm had revenue of $232.00 million during the quarter, compared to analyst estimates of $195.90 million. During the same quarter in the previous year, the business posted ($0.15) earnings per share. On average, sell-side analysts predict that ReNew Energy Global Plc will post 0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds and other institutional investors have recently bought and sold shares of RNW. Pale Fire Capital SE acquired a new position in ReNew Energy Global in the third quarter valued at $54,000. Vanguard Personalized Indexing Management LLC acquired a new position in ReNew Energy Global in the third quarter valued at $90,000. Everett Harris & Co. CA purchased a new stake in shares of ReNew Energy Global in the first quarter valued at about $90,000. Syon Capital LLC purchased a new stake in shares of ReNew Energy Global in the third quarter valued at about $93,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at about $113,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

About ReNew Energy Global

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.