Mizuho Cuts ReNew Energy Global (NASDAQ:RNW) Price Target to $7.00

ReNew Energy Global (NASDAQ:RNW) had its price target decreased by Mizuho from $8.15 to $7.00 in a report published on Tuesday,Benzinga reports. Mizuho currently has a neutral rating on the stock.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of ReNew Energy Global in a research report on Monday, December 8th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $7.25.

ReNew Energy Global Price Performance

Shares of NASDAQ RNW opened at $5.57 on Tuesday. 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 stock has a fifty day simple moving average of $7.39 and a two-hundred day simple moving average of $7.44. ReNew Energy Global has a 1-year low of $5.05 and a 1-year high of $8.24. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 17.97 and a beta of 0.88.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings results on Monday, November 10th. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). The firm had revenue of $433.94 million for the quarter, compared to analysts’ expectations of $403.19 million. ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. Analysts anticipate that ReNew Energy Global will post 0.15 earnings per share for the current year.

Hedge Funds Weigh In On ReNew Energy Global

A number of large investors have recently modified their holdings of RNW. Harvest Portfolios Group Inc. increased its holdings in ReNew Energy Global by 3.9% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 41,751 shares of the company’s stock worth $321,000 after acquiring an additional 1,568 shares during the period. Tidal Investments LLC increased its holdings 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 during the period. Corient Private Wealth LLC increased its holdings in shares of ReNew Energy Global by 6.9% in the second quarter. Corient Private Wealth LLC now owns 28,643 shares of the company’s stock worth $198,000 after purchasing an additional 1,849 shares during the period. Cerity Partners LLC boosted its stake in 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 buying an additional 2,225 shares during the period. Finally, Quantbot Technologies LP bought a new stake in ReNew Energy Global during the second quarter valued at $29,000. 43.56% of the stock is currently owned by institutional investors.

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.