Mizuho Lowers ReNew Energy Global (NASDAQ:RNW) Price Target to $7.00

ReNew Energy Global (NASDAQ:RNW) had its target price decreased by stock analysts at Mizuho from $8.15 to $7.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price objective suggests a potential upside of 28.21% from the stock’s previous close.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of ReNew Energy Global in a research note on Monday, December 8th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, ReNew Energy Global has a consensus rating of “Hold” and an average target price of $7.25.

ReNew Energy Global Trading Up 5.2%

Shares of RNW stock opened at $5.46 on Tuesday. ReNew Energy Global has a fifty-two week low of $5.05 and a fifty-two week high of $8.24. The stock’s fifty day moving average price is $7.44 and its two-hundred day moving average price is $7.45. The company has a debt-to-equity ratio of 4.34, a quick ratio of 0.74 and a current ratio of 0.77. The company has a market cap of $1.98 billion, a PE ratio of 17.61 and a beta of 0.88.

ReNew Energy Global (NASDAQ:RNW) last announced its quarterly earnings data on Monday, November 10th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.04). The business had revenue of $433.94 million for the quarter, compared to the consensus estimate of $403.19 million. ReNew Energy Global had a return on equity of 7.90% and a net margin of 5.37%. Equities analysts predict that ReNew Energy Global will post 0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds have recently added to or reduced their stakes in the business. Harvest Portfolios Group Inc. increased its position in ReNew Energy Global by 3.9% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 41,751 shares of the company’s stock valued at $321,000 after acquiring an additional 1,568 shares during the period. Tidal Investments LLC increased its holdings in ReNew Energy Global by 15.4% in the second quarter. Tidal Investments LLC now owns 13,153 shares of the company’s stock valued at $91,000 after purchasing an additional 1,752 shares during the period. Corient Private Wealth LLC raised its position in ReNew Energy Global by 6.9% during the 2nd quarter. Corient Private Wealth LLC now owns 28,643 shares of the company’s stock worth $198,000 after purchasing an additional 1,849 shares during the last quarter. Cerity Partners LLC lifted its holdings in ReNew Energy Global by 9.3% during the 2nd quarter. Cerity Partners LLC now owns 26,085 shares of the company’s stock worth $180,000 after buying an additional 2,225 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of ReNew Energy Global in the 2nd quarter valued at about $29,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

ReNew Energy Global Company 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.