Short Interest in ReNew Energy Global PLC (NASDAQ:RNW) Rises By 41.3%

ReNew Energy Global PLC (NASDAQ:RNW) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totaling 3,795,308 shares, an increase of 41.3% from the December 15th total of 2,686,755 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average daily trading volume, of 2,358,227 shares, the short-interest ratio is currently 1.6 days. Based on an average daily trading volume, of 2,358,227 shares, the short-interest ratio is currently 1.6 days. Approximately 1.1% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several research firms have issued reports on RNW. Weiss Ratings restated a “hold (c)” rating on shares of ReNew Energy Global in a research report on Monday, December 29th. Mizuho decreased their price objective on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.25.

ReNew Energy Global Price Performance

Shares of ReNew Energy Global stock traded down $0.02 during trading on Friday, hitting $5.38. The stock had a trading volume of 2,297,249 shares, compared to its average volume of 1,149,506. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 4.34. ReNew Energy Global has a 12 month low of $5.05 and a 12 month high of $8.24. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 17.35 and a beta of 0.91. The business’s 50-day moving average is $6.51 and its 200 day moving average is $7.25.

ReNew Energy Global (NASDAQ:RNW) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.04). ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. The business had revenue of $433.94 million for the quarter, compared to the consensus estimate of $403.19 million. As a group, sell-side analysts anticipate that ReNew Energy Global will post 0.15 earnings per share for the current year.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. increased its holdings in shares of ReNew Energy Global by 21.8% in the 2nd quarter. Franklin Resources Inc. now owns 14,187,989 shares of the company’s stock worth $98,039,000 after buying an additional 2,540,442 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of ReNew Energy Global by 25.4% during the 3rd quarter. Invesco Ltd. now owns 2,349,062 shares of the company’s stock worth $18,088,000 after acquiring an additional 475,258 shares during the last quarter. Norges Bank purchased a new position in ReNew Energy Global in the second quarter worth $3,129,000. Lazard Asset Management LLC increased its stake in ReNew Energy Global by 308.6% in the third quarter. Lazard Asset Management LLC now owns 441,660 shares of the company’s stock valued at $3,401,000 after acquiring an additional 333,564 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in ReNew Energy Global by 94.0% during the second quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company’s stock valued at $4,439,000 after purchasing an additional 311,297 shares in the last quarter. 43.56% of the stock is currently owned by institutional investors.

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.