ReNew Energy Global (NASDAQ:RNW) Announces Earnings Results, Misses Estimates By $0.04 EPS

ReNew Energy Global (NASDAQ:RNW) announced its quarterly earnings data on Monday. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.04), Zacks reports. ReNew Energy Global had a net margin of 5.77% and a return on equity of 8.34%.

ReNew Energy Global Stock Down 0.6%

ReNew Energy Global stock traded down $0.05 during trading hours on Monday, reaching $7.51. The stock had a trading volume of 150,214 shares, compared to its average volume of 997,492. The business’s 50 day moving average price is $7.72 and its 200-day moving average price is $7.33. The company has a debt-to-equity ratio of 4.42, a current ratio of 0.77 and a quick ratio of 0.73. ReNew Energy Global has a 52 week low of $5.18 and a 52 week high of $8.24. The company has a market cap of $2.72 billion, a price-to-earnings ratio of 23.47 and a beta of 0.89.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in ReNew Energy Global by 94.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 642,397 shares of the company’s stock valued at $4,439,000 after purchasing an additional 311,297 shares in the last quarter. Osaic Holdings Inc. boosted its position in ReNew Energy Global by 118,342.5% in the 2nd quarter. Osaic Holdings Inc. now owns 86,463 shares of the company’s stock worth $597,000 after purchasing an additional 86,390 shares in the last quarter. BNP Paribas Financial Markets grew its position in ReNew Energy Global by 1,217.7% during the second quarter. BNP Paribas Financial Markets now owns 72,647 shares of the company’s stock valued at $502,000 after buying an additional 67,134 shares during the period. Lazard Asset Management LLC increased its stake in shares of ReNew Energy Global by 75.0% in the 2nd quarter. Lazard Asset Management LLC now owns 108,096 shares of the company’s stock valued at $746,000 after purchasing an additional 46,341 shares in the last quarter. Finally, Bank of America Corp DE increased its position in shares of ReNew Energy Global by 722.2% in the fourth quarter. Bank of America Corp DE now owns 15,621 shares of the company’s stock valued at $107,000 after buying an additional 13,721 shares in the last quarter. 43.56% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Mizuho set a $8.15 target price on shares of ReNew Energy Global and gave the company a “neutral” rating in a research note on Wednesday, October 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $7.83.

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.