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

ReNew Energy Global Plc (NASDAQ:RNW) shares hit a new 52-week low on Tuesday . The company traded as low as $5.02 and last traded at $5.85, with a volume of 632 shares trading hands. The stock had previously closed at $5.82.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reduced their price target on shares of ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating for the company in a research report on Friday, February 21st.

ReNew Energy Global Trading Up 3.0 %

The stock has a market capitalization of $2.27 billion, a PE ratio of 125.00 and a beta of 0.89. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The business’s 50-day moving average is $6.54 and its two-hundred day moving average is $6.26.

ReNew Energy Global (NASDAQ:RNW) last announced its earnings results on Tuesday, February 18th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). ReNew Energy Global had a net margin of 2.17% and a return on equity of 1.75%. The business had revenue of $248.00 million during the quarter, compared to analysts’ expectations of $20.22 billion. On average, analysts anticipate that ReNew Energy Global Plc will post 0.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ReNew Energy Global

A number of institutional investors and hedge funds have recently made changes to their positions in RNW. Point72 Asset Management L.P. purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at about $25,000. BNP Paribas Financial Markets purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at about $52,000. Finally, Signaturefd LLC purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at about $65,000. 43.56% of the stock is owned by hedge funds and other institutional investors.

About ReNew Energy Global

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through two segments: Wind Power and Solar Power. It develops, builds, owns, and operates utility scale wind and solar energy, hydro energy, and utility-scale firm power projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.