ReNew Energy Global plc (NASDAQ:RNW) Sees Large Growth in Short Interest

ReNew Energy Global plc (NASDAQ:RNW – Get Rating) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 4,280,000 shares, an increase of 47.1% from the March 15th total of 2,910,000 shares. Currently, 2.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,110,000 shares, the short-interest ratio is currently 3.9 days.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. bought a new stake in ReNew Energy Global in the 3rd quarter valued at $31,000. Penserra Capital Management LLC acquired a new stake in ReNew Energy Global in the 3rd quarter valued at $96,000. Rockefeller Capital Management L.P. acquired a new stake in ReNew Energy Global in the 3rd quarter valued at $133,000. Balyasny Asset Management LLC acquired a new stake in ReNew Energy Global in the 3rd quarter valued at $141,000. Finally, Levin Capital Strategies L.P. acquired a new stake in ReNew Energy Global in the 3rd quarter valued at $204,000. 34.64% of the stock is currently owned by institutional investors.

A number of analysts recently weighed in on RNW shares. Royal Bank of Canada raised shares of ReNew Energy Global to an “outperform” rating and set a $22.00 price target for the company in a report on Wednesday, January 12th. Zacks Investment Research lowered shares of ReNew Energy Global from a “hold” rating to a “sell” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, ReNew Energy Global currently has an average rating of “Buy” and an average target price of $13.42.

Shares of RNW stock opened at $8.20 on Friday. ReNew Energy Global has a 52-week low of $5.06 and a 52-week high of $12.30. The company has a quick ratio of 1.12, a current ratio of 1.14 and a debt-to-equity ratio of 2.65. The firm’s 50 day moving average price is $7.89 and its two-hundred day moving average price is $8.08.

ReNew Energy Global (NASDAQ:RNW – Get Rating) last announced its quarterly earnings data on Thursday, February 24th. The company reported ($0.20) earnings per share (EPS) for the quarter. The business had revenue of $181.00 million for the quarter. As a group, sell-side analysts expect that ReNew Energy Global will post -0.02 earnings per share for the current fiscal year.

About ReNew Energy Global (Get Rating)

ReNew Energy Global plc generates power through non-conventional and renewable energy sources in India. It operates through Wind Power and Solar Power segments. It develops, builds, owns, and operates utility scale wind and solar energy, as well as distributed solar energy projects that generate energy for commercial and industrial customers.

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