ReNew Energy Global (NASDAQ:RNW) Sets New 1-Year Low – Should You Sell?

Shares of ReNew Energy Global Plc (NASDAQ:RNW) hit a new 52-week low on Wednesday . The stock traded as low as $5.26 and last traded at $5.26, with a volume of 94044 shares changing hands. The stock had previously closed at $5.67.

Analyst Ratings Changes

RNW has been the topic of several analyst reports. Roth Mkm dropped their price target on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Monday, August 19th. Morgan Stanley cut ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 26th.

ReNew Energy Global Price Performance

The company has a debt-to-equity ratio of 4.65, a quick ratio of 0.66 and a current ratio of 0.67. The stock’s 50 day simple moving average is $6.01 and its two-hundred day simple moving average is $5.98. The firm has a market capitalization of $1.99 billion, a PE ratio of 189.00 and a beta of 0.95.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its position in ReNew Energy Global by 58.1% in the third quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock valued at $72,000 after buying an additional 4,513 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of ReNew Energy Global by 23.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 12,672 shares of the company’s stock worth $80,000 after acquiring an additional 2,379 shares during the last quarter. Mercer Global Advisors Inc. ADV boosted its position in shares of ReNew Energy Global by 12.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 15,187 shares of the company’s stock worth $95,000 after purchasing an additional 1,709 shares during the period. MQS Management LLC acquired a new stake in ReNew Energy Global in the 1st quarter valued at approximately $171,000. Finally, Renaissance Technologies LLC raised its position in ReNew Energy Global by 50.9% in the second quarter. Renaissance Technologies LLC now owns 34,100 shares of the company’s stock valued at $213,000 after purchasing an additional 11,500 shares during the period. 43.56% of the stock is currently owned by institutional investors and hedge funds.

About ReNew Energy Global

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.