ReNew Energy Global (NASDAQ:RNW) Shares Gap Up to $5.52

ReNew Energy Global Plc (NASDAQ:RNW)’s share price gapped up before the market opened on Monday . The stock had previously closed at $5.52, but opened at $5.72. ReNew Energy Global shares last traded at $5.72, with a volume of 3,288 shares traded.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reiterated a “buy” rating and set a $9.00 target price (up previously from $8.00) on shares of ReNew Energy Global in a research note on Friday, June 7th.

ReNew Energy Global Price Performance

The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of 47.67 and a beta of 0.93. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 4.65. The stock has a fifty day moving average of $6.06 and a 200-day moving average of $6.18.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings data on Wednesday, June 5th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.08. ReNew Energy Global had a net margin of 4.17% and a return on equity of 3.36%. The business had revenue of $297.00 million during the quarter, compared to the consensus estimate of $243.45 million. On average, equities research analysts predict that ReNew Energy Global Plc will post 0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On ReNew Energy Global

Large investors have recently bought and sold shares of the stock. Rubric Capital Management LP increased its position in shares of ReNew Energy Global by 5.3% during the fourth quarter. Rubric Capital Management LP now owns 10,420,000 shares of the company’s stock worth $79,817,000 after purchasing an additional 522,574 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in shares of ReNew Energy Global by 13.1% in the 1st quarter. Picton Mahoney Asset Management now owns 1,155,774 shares of the company’s stock valued at $6,934,000 after acquiring an additional 133,534 shares during the period. Swedbank AB purchased a new stake in ReNew Energy Global in the 1st quarter valued at $4,814,000. Charles Schwab Investment Management Inc. boosted its stake in ReNew Energy Global by 35.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 658,067 shares of the company’s stock worth $5,041,000 after purchasing an additional 170,547 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in ReNew Energy Global by 14.3% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 270,048 shares of the company’s stock worth $1,620,000 after purchasing an additional 33,835 shares during the last quarter. Institutional investors and hedge funds own 43.56% of the company’s stock.

ReNew Energy Global Company Profile

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.