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

ReNew Energy Global PLC (NASDAQ:RNW) saw a significant 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 short sold. Based on an average daily volume of 684,149 shares, the short-interest ratio is presently 5.2 days. Based on an average daily volume of 684,149 shares, the short-interest ratio is presently 5.2 days. Currently, 1.1% of the company’s shares are short sold.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RNW shares. Mizuho decreased their price target on ReNew Energy Global from $8.15 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, December 16th. Morgan Stanley set a $6.03 price objective on shares of ReNew Energy Global in a research note on Monday, February 2nd. Finally, Weiss Ratings cut shares of ReNew Energy Global from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, ReNew Energy Global presently has an average rating of “Reduce” and an average target price of $6.52.

Institutional Trading of ReNew Energy Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in ReNew Energy Global during the second quarter valued at approximately $29,000. Farther Finance Advisors LLC lifted its position 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 buying an additional 3,750 shares during the period. Quarry LP acquired a new stake in ReNew Energy Global in the 3rd quarter valued at $33,000. SBI Securities Co. Ltd. bought a new stake in ReNew Energy Global in the fourth quarter valued at $37,000. Finally, DGS Capital Management LLC bought a new stake in ReNew Energy Global in the fourth quarter valued at $65,000. Institutional investors own 43.56% of the company’s stock.

ReNew Energy Global Stock Performance

RNW opened at $5.25 on Wednesday. The stock’s 50 day simple moving average is $5.39 and its 200-day simple moving average is $6.60. The company has a current ratio of 0.57, a quick ratio of 0.52 and a debt-to-equity ratio of 3.84. The stock has a market cap of $1.90 billion, a PE ratio of 12.50 and a beta of 0.90. ReNew Energy Global has a 1 year low of $5.05 and a 1 year high of $8.24.

ReNew Energy Global (NASDAQ:RNW) last issued its earnings results on Monday, February 16th. The company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.12. The firm had revenue of $349.01 million during the quarter, compared to analysts’ expectations of $262.33 million. ReNew Energy Global had a return on equity of 10.50% and a net margin of 6.95%. Sell-side analysts forecast that ReNew Energy Global will post 0.15 EPS for the current year.

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.