FY2023 EPS Estimates for ReNew Energy Global Plc Cut by Seaport Res Ptn (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW – Get Rating) – Stock analysts at Seaport Res Ptn lowered their FY2023 earnings per share estimates for shares of ReNew Energy Global in a report issued on Tuesday, May 23rd. Seaport Res Ptn analyst A. Storozynski now expects that the company will earn ($0.36) per share for the year, down from their previous forecast of ($0.12). The consensus estimate for ReNew Energy Global’s current full-year earnings is ($0.18) per share. Seaport Res Ptn also issued estimates for ReNew Energy Global’s FY2024 earnings at ($0.39) EPS and FY2025 earnings at ($0.07) EPS.

Separately, Credit Suisse Group raised ReNew Energy Global from a “neutral” rating to an “outperform” rating in a research report on Monday, May 15th.

ReNew Energy Global Price Performance

Shares of RNW opened at $5.47 on Thursday. The business’s 50-day moving average is $5.34 and its two-hundred day moving average is $5.53. The company has a market capitalization of $2.19 billion, a P/E ratio of -18.77 and a beta of 0.73. The company has a debt-to-equity ratio of 3.62, a quick ratio of 1.00 and a current ratio of 1.01. ReNew Energy Global has a fifty-two week low of $4.03 and a fifty-two week high of $7.70.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board grew its position in shares of ReNew Energy Global by 17.9% during the 3rd quarter. Canada Pension Plan Investment Board now owns 76,501,166 shares of the company’s stock valued at $460,537,000 after acquiring an additional 11,633,475 shares during the period. abrdn plc grew its position in shares of ReNew Energy Global by 2.6% during the 4th quarter. abrdn plc now owns 8,374,648 shares of the company’s stock valued at $46,061,000 after acquiring an additional 212,982 shares during the period. Rubric Capital Management LP lifted its stake in ReNew Energy Global by 258.3% in the 1st quarter. Rubric Capital Management LP now owns 8,165,905 shares of the company’s stock valued at $45,892,000 after buying an additional 5,886,892 shares in the last quarter. Tortoise Capital Advisors L.L.C. lifted its stake in ReNew Energy Global by 29.5% in the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 4,737,564 shares of the company’s stock valued at $26,625,000 after buying an additional 1,078,729 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in ReNew Energy Global by 3.0% in the 1st quarter. BlackRock Inc. now owns 3,593,632 shares of the company’s stock valued at $20,196,000 after buying an additional 105,476 shares in the last quarter. 45.89% of the stock is owned by institutional investors and hedge funds.

About ReNew Energy Global

(Get Rating)

ReNew Energy Global Plc generates power through non-conventional and renewable energy sources in India. The company operates through Wind Power and Solar Power segments. It develops, builds, owns, and operates utility scale wind and solar energy projects, as well as distributed solar energy projects that generate energy for commercial and industrial customers.