Short Interest in ReNew Energy Global PLC (NASDAQ:RNW) Expands By 24.2%

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a significant 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. Approximately 1.1% of the shares of the stock are sold short. Based on an average trading volume of 913,808 shares, the days-to-cover ratio is presently 3.8 days. Based on an average trading volume of 913,808 shares, the days-to-cover ratio is presently 3.8 days. Approximately 1.1% of the shares of the stock are sold short.

ReNew Energy Global Price Performance

NASDAQ:RNW remained flat at $5.35 during trading hours on Monday. 1,210,907 shares of the company’s stock were exchanged, compared to its average volume of 725,472. ReNew Energy Global has a 1-year low of $5.05 and a 1-year high of $8.24. 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 market capitalization of $1.94 billion, a price-to-earnings ratio of 17.26 and a beta of 0.91. The stock has a fifty day moving average price of $5.66 and a 200-day moving average price of $6.95.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Morgan Stanley set a $6.03 target price on shares of ReNew Energy Global in a research note on Monday, February 2nd. Mizuho cut their price target on shares of ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, December 16th. Finally, Weiss Ratings downgraded shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ReNew Energy Global presently has a consensus rating of “Hold” and a consensus price target of $6.84.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its position in shares of ReNew Energy Global by 21.8% during the second quarter. Franklin Resources Inc. now owns 14,187,989 shares of the company’s stock worth $98,039,000 after purchasing an additional 2,540,442 shares during the period. Norges Bank acquired a new position in ReNew Energy Global during the fourth quarter worth $58,238,000. State Street Corp lifted its stake in shares of ReNew Energy Global by 484.6% in the fourth quarter. State Street Corp now owns 2,779,666 shares of the company’s stock valued at $15,705,000 after buying an additional 2,304,172 shares in the last quarter. Invesco Ltd. grew its holdings in shares of ReNew Energy Global by 25.4% during the third quarter. Invesco Ltd. now owns 2,349,062 shares of the company’s stock valued at $18,088,000 after buying an additional 475,258 shares during the last quarter. Finally, M&G PLC increased its position in shares of ReNew Energy Global by 14.6% during the second quarter. M&G PLC now owns 2,188,498 shares of the company’s stock worth $15,319,000 after acquiring an additional 278,863 shares in the last quarter. Institutional investors 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.