ReNew Energy Global (NASDAQ:RNW) Stock Price Up 6.6% – Time to Buy?

ReNew Energy Global Plc (NASDAQ:RNW) shares rose 6.6% during mid-day trading on Thursday . The stock traded as high as $5.85 and last traded at $5.85. Approximately 162,443 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 864,963 shares. The stock had previously closed at $5.49.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RNW shares. Roth Mkm lowered their target price on ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, August 19th. Morgan Stanley cut ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, September 26th.

ReNew Energy Global Trading Up 4.6 %

The company has a debt-to-equity ratio of 4.51, a current ratio of 0.65 and a quick ratio of 0.66. The business has a 50 day moving average of $5.91 and a 200 day moving average of $5.95. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 98.18 and a beta of 0.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV grew its stake in ReNew Energy Global by 12.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 15,187 shares of the company’s stock valued at $95,000 after acquiring an additional 1,709 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in ReNew Energy Global by 23.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 12,672 shares of the company’s stock valued at $80,000 after acquiring an additional 2,379 shares during the period. Tidal Investments LLC grew its stake in ReNew Energy Global by 3.5% in the first quarter. Tidal Investments LLC now owns 87,575 shares of the company’s stock valued at $525,000 after acquiring an additional 2,924 shares during the period. Van ECK Associates Corp grew its stake in ReNew Energy Global by 58.1% in the third quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock valued at $72,000 after acquiring an additional 4,513 shares during the period. Finally, Harvest Portfolios Group Inc. grew its stake in ReNew Energy Global by 17.7% in the third quarter. Harvest Portfolios Group Inc. now owns 71,966 shares of the company’s stock valued at $453,000 after acquiring an additional 10,831 shares during the period. 43.56% of the stock is owned by institutional investors and hedge funds.

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.