ReNew Energy Global (NASDAQ:RNW) Upgraded by Zacks Research to “Strong-Buy” Rating

ReNew Energy Global (NASDAQ:RNW) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. Morgan Stanley set a $6.03 target price on ReNew Energy Global in a research report on Monday, February 2nd. Weiss Ratings downgraded ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, ReNew Energy Global presently has a consensus rating of “Hold” and a consensus price target of $6.52.

ReNew Energy Global Stock Performance

NASDAQ:RNW opened at $5.55 on Tuesday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 17.90 and a beta of 1.07. The company has a debt-to-equity ratio of 3.60, a current ratio of 0.42 and a quick ratio of 0.52. The stock’s 50 day simple moving average is $5.10 and its two-hundred day simple moving average is $5.78. ReNew Energy Global has a 1 year low of $4.39 and a 1 year high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Monday, May 18th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.17. The firm had revenue of $355.59 million for the quarter, compared to the consensus estimate of $307.73 million. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%. As a group, equities analysts anticipate that ReNew Energy Global will post 0.2 earnings per share for the current fiscal year.

Institutional Trading of ReNew Energy Global

A number of hedge funds and other institutional investors have recently bought and sold shares of RNW. Norges Bank purchased a new stake in shares of ReNew Energy Global in the 4th quarter worth $58,238,000. State Street Corp lifted its holdings in shares of ReNew Energy Global by 484.6% in the 4th quarter. State Street Corp now owns 2,779,666 shares of the company’s stock worth $15,705,000 after buying an additional 2,304,172 shares during the period. Man Group plc lifted its holdings in shares of ReNew Energy Global by 663.5% in the 4th quarter. Man Group plc now owns 2,046,780 shares of the company’s stock worth $11,564,000 after buying an additional 1,778,705 shares during the period. ABN Amro Investment Solutions purchased a new stake in shares of ReNew Energy Global in the 1st quarter worth $4,396,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of ReNew Energy Global by 881.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 907,749 shares of the company’s stock worth $5,129,000 after buying an additional 815,290 shares during the period. Hedge funds and other 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.