Van ECK Associates Corp Has $6.07 Million Stock Position in ReNew Energy Global Plc (NASDAQ:RNW)

Van ECK Associates Corp decreased its holdings in shares of ReNew Energy Global Plc (NASDAQ:RNW) by 16.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,011,765 shares of the company’s stock after selling 194,816 shares during the quarter. Van ECK Associates Corp owned approximately 0.27% of ReNew Energy Global worth $6,071,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of RNW. Rubric Capital Management LP boosted its holdings in ReNew Energy Global by 5.3% in the 4th quarter. Rubric Capital Management LP now owns 10,420,000 shares of the company’s stock valued at $79,817,000 after purchasing an additional 522,574 shares during the period. Sylebra Capital LLC bought a new position in shares of ReNew Energy Global during the 3rd quarter worth about $13,962,000. Picton Mahoney Asset Management lifted its holdings in shares of ReNew Energy Global by 23.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,022,240 shares of the company’s stock worth $7,831,000 after acquiring an additional 195,195 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of ReNew Energy Global by 35.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 658,067 shares of the company’s stock worth $5,041,000 after acquiring an additional 170,547 shares during the period. Finally, TT International Asset Management LTD bought a new position in shares of ReNew Energy Global during the 4th quarter worth about $2,097,000. Institutional investors and hedge funds own 43.56% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Roth Mkm reiterated a “buy” rating and set a $9.00 target price (up previously from $8.00) on shares of ReNew Energy Global in a research report on Friday, June 7th.

ReNew Energy Global Price Performance

RNW traded down $0.07 during midday trading on Friday, hitting $5.99. The company had a trading volume of 359,785 shares, compared to its average volume of 878,366. The company has a market capitalization of $2.23 billion, a PE ratio of 50.25 and a beta of 0.93. The company has a debt-to-equity ratio of 4.65, a quick ratio of 0.72 and a current ratio of 0.73. ReNew Energy Global Plc has a twelve month low of $4.78 and a twelve month high of $7.79. The firm’s 50-day simple moving average is $6.12 and its 200-day simple moving average is $6.38.

ReNew Energy Global (NASDAQ:RNW) last issued its earnings results on Wednesday, June 5th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.08. The company had revenue of $297.00 million for the quarter, compared to analyst estimates of $243.45 million. ReNew Energy Global had a net margin of 4.17% and a return on equity of 3.36%. Equities research analysts predict that ReNew Energy Global Plc will post 0.13 EPS for the current fiscal year.

ReNew Energy Global Company Profile

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