ReNew Energy Global (NASDAQ:RNW) Shares Gap Down – What’s Next?

ReNew Energy Global Plc (NASDAQ:RNW) shares gapped down before the market opened on Friday . The stock had previously closed at $6.44, but opened at $5.83. ReNew Energy Global shares last traded at $6.51, with a volume of 226 shares traded.

Analysts Set New Price Targets

Separately, Roth Mkm reduced their price objective on ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating for the company in a research note on Friday, February 21st.

ReNew Energy Global Stock Performance

The stock has a market cap of $2.39 billion, a PE ratio of 131.60 and a beta of 0.88. The stock has a fifty day moving average of $6.15 and a 200-day moving average of $6.29. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Tuesday, February 18th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). ReNew Energy Global had a net margin of 2.17% and a return on equity of 1.75%. The company had revenue of $248.00 million during the quarter, compared to analyst estimates of $20.22 billion. On average, equities analysts forecast that ReNew Energy Global Plc will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RNW. Franklin Resources Inc. increased its position in ReNew Energy Global by 191.4% during the 4th quarter. Franklin Resources Inc. now owns 5,693,312 shares of the company’s stock worth $38,885,000 after purchasing an additional 3,739,645 shares during the period. Walleye Capital LLC acquired a new position in ReNew Energy Global during the fourth quarter worth $19,302,000. Helikon Investments Ltd purchased a new position in ReNew Energy Global in the fourth quarter worth $15,055,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of ReNew Energy Global during the 4th quarter worth $4,436,000. Finally, Norges Bank acquired a new position in shares of ReNew Energy Global during the 4th quarter worth $4,107,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

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.