ReNew Energy Global (NASDAQ:RNW) Announces Earnings Results

ReNew Energy Global (NASDAQ:RNW) posted its earnings results on Tuesday. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.05, FiscalAI reports. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%.The company had revenue of $472.92 million during the quarter, compared to analyst estimates of $459.86 million.

ReNew Energy Global Price Performance

NASDAQ RNW opened at $6.82 on Tuesday. The company has a debt-to-equity ratio of 3.66, a current ratio of 0.43 and a quick ratio of 0.38. The stock’s fifty day moving average price is $6.26 and its 200 day moving average price is $5.67. ReNew Energy Global has a 1 year low of $4.39 and a 1 year high of $8.24. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 22.00 and a beta of 1.12.

Institutional Trading of ReNew Energy Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in shares of ReNew Energy Global in the second quarter worth about $29,000. Quarry LP acquired a new position in ReNew Energy Global in the 3rd quarter worth approximately $33,000. Evergreen Capital Management LLC purchased a new position in ReNew Energy Global during the 2nd quarter worth approximately $74,000. Tidal Investments LLC raised its position in ReNew Energy Global by 15.4% during the 2nd quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock worth $91,000 after buying an additional 1,752 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in ReNew Energy Global during the 3rd quarter valued at approximately $101,000. Institutional investors and hedge funds own 43.56% of the company’s stock.

Analyst Ratings Changes

RNW has been the topic of several analyst reports. Zacks Research lowered ReNew Energy Global from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 17th. Weiss Ratings upgraded shares of ReNew Energy Global from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, June 24th. Finally, Mizuho lowered their target price on shares of ReNew Energy Global from $7.00 to $6.75 and set a “neutral” rating for the company in a research note on Monday, June 1st. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, ReNew Energy Global has a consensus rating of “Hold” and a consensus price target of $6.39.

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.