Norges Bank Makes New Investment in ReNew Energy Global PLC $RNW

Norges Bank purchased a new stake in ReNew Energy Global PLC (NASDAQ:RNW) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 10,307,658 shares of the company’s stock, valued at approximately $58,238,000.

Other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE increased its holdings 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 worth $107,000 after purchasing an additional 13,721 shares during the period. JPMorgan Chase & Co. boosted its stake in ReNew Energy Global by 94.0% during the second quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company’s stock valued at $4,439,000 after buying an additional 311,297 shares during the period. Quantbot Technologies LP purchased a new position in ReNew Energy Global during the second quarter worth about $29,000. Cerity Partners LLC grew its position 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 in the last quarter. Finally, BNP Paribas Financial Markets increased its stake 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 worth $502,000 after acquiring an additional 67,134 shares during the last quarter. 43.56% of the stock is currently owned by hedge funds and other institutional investors.

ReNew Energy Global Stock Performance

ReNew Energy Global stock opened at $6.04 on Monday. The firm has a fifty day simple moving average of $5.35 and a two-hundred day simple moving average of $5.67. The company has a quick ratio of 0.37, a current ratio of 0.42 and a debt-to-equity ratio of 3.60. ReNew Energy Global PLC has a twelve month low of $4.39 and a twelve month high of $8.24. The company has a market capitalization of $2.19 billion, a PE ratio of 19.48 and a beta of 1.12.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings data on Monday, May 18th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.17. The firm had revenue of $355.59 million for the quarter, compared to analysts’ expectations of $307.73 million. ReNew Energy Global had a return on equity of 7.57% and a net margin of 7.18%. Research analysts expect that ReNew Energy Global PLC will post 0.22 EPS for the current year.

Analyst Ratings Changes

RNW has been the topic of several recent analyst reports. Zacks Research raised ReNew Energy Global from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, March 13th. Finally, Mizuho lowered their target price on shares of 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. One analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.39.

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.