ReNew Energy Global (NASDAQ:RNW) Shares Gap Up to $5.54

Posted by Defense World Staff on Jun 9th, 2023

ReNew Energy Global Plc (NASDAQ:RNW – Get Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $5.54, but opened at $5.70. ReNew Energy Global shares last traded at $5.44, with a volume of 208,884 shares trading hands.

Analyst Ratings Changes

Several brokerages recently issued reports on RNW. Bank of America reduced their price target on shares of ReNew Energy Global from $7.00 to $6.00 in a research report on Friday, June 2nd. Credit Suisse Group upgraded shares of ReNew Energy Global from a “neutral” rating to an “outperform” rating in a research report on Monday, May 15th.

ReNew Energy Global Trading Up 1.3 %

The firm has a market cap of $2.27 billion, a PE ratio of -31.50 and a beta of 0.72. The company has a quick ratio of 1.00, a current ratio of 0.97 and a debt-to-equity ratio of 3.91. The stock’s fifty day simple moving average is $5.45 and its two-hundred day simple moving average is $5.47.

Institutional Investors Weigh In On ReNew Energy Global

A number of hedge funds and other institutional investors have recently bought and sold shares of RNW. Canada Pension Plan Investment Board lifted its stake in shares of ReNew Energy Global by 17.9% in the third quarter. Canada Pension Plan Investment Board now owns 76,501,166 shares of the company’s stock worth $460,537,000 after buying an additional 11,633,475 shares in the last quarter. Rubric Capital Management LP lifted its position in ReNew Energy Global by 258.3% during the first quarter. Rubric Capital Management LP now owns 8,165,905 shares of the company’s stock valued at $45,892,000 after purchasing an additional 5,886,892 shares during the period. First Trust Advisors LP lifted its position in ReNew Energy Global by 665.4% during the first quarter. First Trust Advisors LP now owns 2,738,862 shares of the company’s stock valued at $22,513,000 after purchasing an additional 2,381,013 shares during the period. Tortoise Capital Advisors L.L.C. lifted its position in ReNew Energy Global by 29.5% during the first quarter. Tortoise Capital Advisors L.L.C. now owns 4,737,564 shares of the company’s stock valued at $26,625,000 after purchasing an additional 1,078,729 shares during the period. Finally, Credit Suisse AG bought a new position in ReNew Energy Global during the first quarter valued at approximately $1,705,000. Hedge funds and other institutional investors own 45.89% of the company’s stock.

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.