CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $574,000 Stake in ReNew Energy Global Plc (NASDAQ:RNW)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its holdings in shares of ReNew Energy Global Plc (NASDAQ:RNW) by 84.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 75,000 shares of the company’s stock after selling 410,003 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in ReNew Energy Global were worth $574,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. State of Wyoming bought a new position in ReNew Energy Global in the fourth quarter valued at approximately $28,000. Quantbot Technologies LP raised its holdings in shares of ReNew Energy Global by 556.4% in the second quarter. Quantbot Technologies LP now owns 4,595 shares of the company’s stock valued at $29,000 after purchasing an additional 3,895 shares during the last quarter. Pale Fire Capital SE acquired a new stake in shares of ReNew Energy Global in the third quarter valued at approximately $54,000. Citigroup Inc. acquired a new stake in shares of ReNew Energy Global in the second quarter valued at approximately $55,000. Finally, Legal & General Group Plc raised its holdings in shares of ReNew Energy Global by 287.0% in the third quarter. Legal & General Group Plc now owns 10,677 shares of the company’s stock valued at $58,000 after purchasing an additional 7,918 shares during the last quarter. Institutional investors and hedge funds own 43.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of ReNew Energy Global from $7.00 to $8.00 and gave the company a “buy” rating in a report on Wednesday, December 20th. Mizuho lifted their price objective on shares of ReNew Energy Global from $8.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, January 3rd. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, ReNew Energy Global has a consensus rating of “Buy” and an average target price of $8.55.

ReNew Energy Global Stock Up 2.0 %

RNW traded up $0.12 during trading on Wednesday, reaching $6.00. 1,752,211 shares of the stock were exchanged, compared to its average volume of 594,159. The stock has a market cap of $2.24 billion, a P/E ratio of 58.80 and a beta of 0.93. ReNew Energy Global Plc has a twelve month low of $4.78 and a twelve month high of $7.79. The stock’s 50 day moving average price is $6.45 and its two-hundred day moving average price is $6.33. The company has a debt-to-equity ratio of 4.57, a quick ratio of 0.84 and a current ratio of 0.85.

ReNew Energy Global (NASDAQ:RNW) last announced its earnings results on Tuesday, February 20th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). ReNew Energy Global had a net margin of 3.61% and a return on equity of 2.96%. The business had revenue of $232.00 million during the quarter, compared to the consensus estimate of $195.90 million. During the same period in the previous year, the firm posted ($0.15) EPS.

ReNew Energy Global 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.