Roth Mkm Issues Pessimistic Forecast for ReNew Energy Global (NASDAQ:RNW) Stock Price

ReNew Energy Global (NASDAQ:RNW) had its price target reduced by Roth Mkm from $8.00 to $7.50 in a research report sent to investors on Friday,Benzinga reports. Roth Mkm currently has a buy rating on the stock.

ReNew Energy Global Stock Down 3.8 %

Shares of NASDAQ:RNW opened at $6.11 on Friday. The stock has a market capitalization of $2.22 billion, a P/E ratio of 122.20 and a beta of 0.89. The stock’s 50-day moving average price is $6.75 and its 200-day moving average price is $6.21. The company has a current ratio of 0.60, a quick ratio of 0.64 and a debt-to-equity ratio of 4.74. ReNew Energy Global has a 12-month low of $5.15 and a 12-month high of $7.49.

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

Institutional Investors Weigh In On ReNew Energy Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its holdings in ReNew Energy Global by 58.1% in the 3rd quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock worth $72,000 after acquiring an additional 4,513 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of 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 worth $80,000 after purchasing an additional 2,379 shares during the last quarter. Harvest Portfolios Group Inc. grew its stake in shares of ReNew Energy Global by 17.7% in the third quarter. Harvest Portfolios Group Inc. now owns 71,966 shares of the company’s stock worth $453,000 after purchasing an additional 10,831 shares during the last quarter. M&G PLC purchased a new position in ReNew Energy Global during the 3rd quarter valued at about $8,097,000. Finally, Fiera Capital Corp bought a new position in ReNew Energy Global during the 3rd quarter valued at approximately $2,233,000. 43.56% of the stock is currently owned by 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.