ReNew Energy Global (NASDAQ:RNW) Trading Up 4.7% – Time to Buy?

ReNew Energy Global Plc (NASDAQ:RNW) shares were up 4.7% on Wednesday . The company traded as high as $6.77 and last traded at $6.64. Approximately 311,002 shares traded hands during trading, a decline of 64% from the average daily volume of 863,319 shares. The stock had previously closed at $6.34.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RNW shares. Morgan Stanley cut shares of ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 26th. Roth Mkm dropped their price objective on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a report on Monday, August 19th.

ReNew Energy Global Stock Up 12.1 %

The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 4.51. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 116.17 and a beta of 0.97. The firm’s fifty day simple moving average is $5.83 and its 200 day simple moving average is $5.95.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kayne Anderson Capital Advisors LP lifted its position in shares of ReNew Energy Global by 21.3% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 888,831 shares of the company’s stock worth $5,591,000 after buying an additional 156,147 shares during the last quarter. Rubric Capital Management LP lifted its position in shares of ReNew Energy Global by 1.5% during the 3rd quarter. Rubric Capital Management LP now owns 13,706,102 shares of the company’s stock worth $86,211,000 after buying an additional 200,000 shares during the last quarter. M&G PLC purchased a new stake in shares of ReNew Energy Global during the 3rd quarter worth approximately $8,097,000. The Manufacturers Life Insurance Company raised its position in ReNew Energy Global by 33.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,118,181 shares of the company’s stock valued at $7,033,000 after purchasing an additional 281,000 shares during the last quarter. Finally, Carrhae Capital LLP raised its position in ReNew Energy Global by 69.3% in the 3rd quarter. Carrhae Capital LLP now owns 3,654,991 shares of the company’s stock valued at $22,990,000 after purchasing an additional 1,495,819 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.