ReNew Energy Global (NASDAQ:RNW) Posts Earnings Results

ReNew Energy Global (NASDAQ:RNW) announced its earnings results on Thursday. The company reported $0.10 EPS for the quarter, Zacks reports. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%.

ReNew Energy Global Stock Up 2.2%

Shares of NASDAQ RNW opened at $6.37 on Friday. The stock has a market cap of $2.31 billion, a PE ratio of 20.55 and a beta of 1.12. The company has a current ratio of 0.42, a quick ratio of 0.37 and a debt-to-equity ratio of 3.60. ReNew Energy Global has a 12-month low of $4.39 and a 12-month high of $8.24. The company has a 50-day moving average of $5.77 and a 200 day moving average of $5.54.

Analyst Ratings Changes

RNW has been the topic of a number of research analyst reports. Mizuho lowered their price target on ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating on the stock in a research note on Monday, June 1st. Weiss Ratings raised ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday. Finally, Zacks Research upgraded ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, ReNew Energy Global presently has an average rating of “Moderate Buy” and an average price target of $6.39.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RNW. Bank of America Corp DE grew its position in shares of ReNew Energy Global by 722.2% in the fourth quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock valued at $107,000 after purchasing an additional 13,721 shares in the last quarter. JPMorgan Chase & Co. lifted 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 worth $4,439,000 after buying an additional 311,297 shares in the last quarter. Quantbot Technologies LP purchased a new position in ReNew Energy Global during the second quarter worth approximately $29,000. 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 worth $180,000 after buying an additional 2,225 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in ReNew Energy Global by 1,217.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 72,647 shares of the company’s stock valued at $502,000 after buying an additional 67,134 shares in the last quarter. 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.