ReNew Energy Global PLC (NASDAQ:RNW) Short Interest Up 22.2% in February

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a large growth in short interest in the month of February. As of February 27th, there was short interest totaling 3,584,682 shares, a growth of 22.2% from the February 12th total of 2,934,207 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily volume of 684,149 shares, the short-interest ratio is currently 5.2 days. Based on an average daily volume of 684,149 shares, the short-interest ratio is currently 5.2 days. Currently, 1.1% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

RNW has been the subject of a number of research reports. Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Mizuho reduced their target price on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, December 16th. Finally, Morgan Stanley set a $6.03 target price on ReNew Energy Global in a research report on Monday, February 2nd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ReNew Energy Global has a consensus rating of “Reduce” and a consensus target price of $6.52.

ReNew Energy Global Trading Up 1.7%

NASDAQ:RNW opened at $5.31 on Tuesday. ReNew Energy Global has a one year low of $5.05 and a one year high of $8.24. The company has a market cap of $1.93 billion, a PE ratio of 12.64 and a beta of 0.90. The company has a debt-to-equity ratio of 3.84, a current ratio of 0.57 and a quick ratio of 0.52. The firm has a 50-day moving average of $5.40 and a 200-day moving average of $6.62.

ReNew Energy Global (NASDAQ:RNW) last released its quarterly earnings results on Monday, February 16th. The company reported $0.00 EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.12. The business had revenue of $349.01 million during the quarter, compared to analyst estimates of $262.33 million. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%. As a group, equities research analysts expect that ReNew Energy Global will post 0.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP bought a new position in ReNew Energy Global during the second quarter valued at about $29,000. Farther Finance Advisors LLC raised its stake in ReNew Energy Global by 213.9% in the 4th quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company’s stock valued at $31,000 after acquiring an additional 3,750 shares during the period. Quarry LP bought a new position in ReNew Energy Global in the 3rd quarter worth approximately $33,000. SBI Securities Co. Ltd. bought a new stake in ReNew Energy Global during the 4th quarter valued at $37,000. Finally, DGS Capital Management LLC purchased a new stake in shares of ReNew Energy Global during the fourth quarter worth $65,000. Hedge funds and other institutional investors own 43.56% of the company’s stock.

About ReNew Energy Global

ReNew Energy Global PLC is an independent power producer specializing in the development, construction, ownership and operation of utility-scale renewable energy projects. Headquartered in Gurugram, India, the company focuses on onshore wind farms, solar photovoltaic plants and hybrid energy systems, often paired with battery energy storage to enhance grid stability and dispatch flexibility. ReNew Energy Global markets electricity under long-term power purchase agreements, serving utilities, distribution companies and corporate offtakers.

The company’s core business activities encompass site identification, project design, procurement, construction management and ongoing asset management.