ReNew Energy Global PLC (NASDAQ:RNW) Short Interest Down 25.4% in January

ReNew Energy Global PLC (NASDAQ:RNW) was the recipient of a large decrease in short interest in the month of January. As of January 15th, there was short interest totaling 2,830,318 shares, a decrease of 25.4% from the December 31st total of 3,795,308 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average trading volume of 863,752 shares, the days-to-cover ratio is presently 3.3 days. Based on an average trading volume of 863,752 shares, the days-to-cover ratio is presently 3.3 days. Approximately 0.9% of the shares of the stock are sold short.

Analyst Ratings Changes

Several brokerages have recently commented on RNW. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ReNew Energy Global in a research report on Monday, December 29th. Mizuho lowered their price objective on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.25.

Institutional Trading of ReNew Energy Global

Institutional investors have recently bought and sold shares of the stock. Quantbot Technologies LP acquired a new position in ReNew Energy Global in the second quarter valued at approximately $29,000. Farther Finance Advisors LLC grew its holdings in shares of ReNew Energy Global by 213.9% during the 4th quarter. Farther Finance Advisors LLC now owns 5,503 shares of the company’s stock worth $31,000 after purchasing an additional 3,750 shares during the period. Quarry LP purchased a new stake in ReNew Energy Global in the third quarter valued at approximately $33,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of ReNew Energy Global during the fourth quarter worth about $70,000. Finally, Evergreen Capital Management LLC purchased a new position in ReNew Energy Global in the second quarter valued at $74,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

ReNew Energy Global Stock Performance

RNW stock traded down $0.01 during trading on Friday, reaching $5.42. The stock had a trading volume of 612,372 shares, compared to its average volume of 842,474. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 4.34. ReNew Energy Global has a 52 week low of $5.05 and a 52 week high of $8.24. The firm has a market cap of $1.97 billion, a PE ratio of 17.48 and a beta of 0.91. The stock’s 50 day moving average is $6.11 and its two-hundred day moving average is $7.11.

ReNew Energy Global (NASDAQ:RNW) last released its earnings results on Monday, November 10th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). ReNew Energy Global had a net margin of 5.37% and a return on equity of 7.90%. The firm had revenue of $433.94 million for the quarter, compared to analysts’ expectations of $403.19 million. As a group, equities analysts anticipate that ReNew Energy Global will post 0.15 earnings per share for the current year.

ReNew Energy Global Company Profile

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.