ReNew Energy Global (NASDAQ:RNW) Reaches New 12-Month Low – Here’s What Happened

ReNew Energy Global PLC (NASDAQ:RNW)’s stock price hit a new 52-week low during trading on Monday . The company traded as low as $5.05 and last traded at $5.0190, with a volume of 121294 shares traded. The stock had previously closed at $5.07.

Analyst Ratings Changes

A number of brokerages have weighed in on RNW. Weiss Ratings downgraded shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, March 13th. Mizuho decreased 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 research note on Tuesday, December 16th. Finally, Morgan Stanley set a $6.03 price target on shares of ReNew Energy Global in a report on Monday, February 2nd. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $6.52.

ReNew Energy Global Stock Performance

The firm has a fifty day moving average of $5.36 and a 200-day moving average of $6.51. The company has a quick ratio of 0.52, a current ratio of 0.57 and a debt-to-equity ratio of 3.84. The firm has a market cap of $1.73 billion, a P/E ratio of 11.33 and a beta of 0.90.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings data on Monday, February 16th. The company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.12. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%.The firm had revenue of $349.01 million during the quarter, compared to analysts’ expectations of $262.33 million. Research analysts predict that ReNew Energy Global PLC will post 0.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

Several large investors have recently bought and sold shares of the business. Quantbot Technologies LP acquired a new stake in ReNew Energy Global during the 2nd quarter worth $29,000. Farther Finance Advisors LLC lifted its stake in shares of 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 purchasing an additional 3,750 shares during the period. Quarry LP bought a new position in shares of ReNew Energy Global in the 3rd quarter worth $33,000. SBI Securities Co. Ltd. bought a new position in shares of ReNew Energy Global in the 4th quarter worth $37,000. Finally, DGS Capital Management LLC acquired a new stake in shares of ReNew Energy Global during the fourth quarter worth $65,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

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.