ReNew Energy Global (NASDAQ:RNW) Shares Down 6.2% on Analyst Downgrade

Posted by on Jun 6th, 2023

ReNew Energy Global Plc (NASDAQ:RNW – Get Rating) shares dropped 6.2% on Monday after Bank of America lowered their price target on the stock from $7.00 to $6.00. The stock traded as low as $5.16 and last traded at $5.17. Approximately 511,880 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 908,875 shares. The stock had previously closed at $5.51.

Separately, Credit Suisse Group raised ReNew Energy Global from a “neutral” rating to an “outperform” rating in a report on Monday, May 15th.

Hedge Funds Weigh In On ReNew Energy Global

Several large investors have recently bought and sold shares of RNW. Envestnet Asset Management Inc. bought a new position in ReNew Energy Global during the 1st quarter worth $93,000. JPMorgan Chase & Co. increased its position in ReNew Energy Global by 2,782.7% during the 1st quarter. JPMorgan Chase & Co. now owns 133,788 shares of the company’s stock valued at $1,100,000 after purchasing an additional 129,147 shares during the period. Sei Investments Co. bought a new position in ReNew Energy Global during the 1st quarter worth approximately $115,000. First Trust Advisors LP lifted its position in shares of ReNew Energy Global by 665.4% in the 1st quarter. First Trust Advisors LP now owns 2,738,862 shares of the company’s stock worth $22,513,000 after purchasing an additional 2,381,013 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of ReNew Energy Global by 276.5% in the 1st quarter. Renaissance Technologies LLC now owns 80,200 shares of the company’s stock valued at $659,000 after purchasing an additional 58,900 shares during the last quarter. 45.89% of the stock is currently owned by institutional investors.

ReNew Energy Global Stock Performance

The company’s 50-day moving average price is $5.44 and its two-hundred day moving average price is $5.47. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -17.50 and a beta of 0.72. The company has a debt-to-equity ratio of 3.62, a current ratio of 1.01 and a quick ratio of 1.00.

About ReNew Energy Global

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

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