ReNew Energy Global Plc (NASDAQ:RNW) Sees Large Decrease in Short Interest

ReNew Energy Global Plc (NASDAQ:RNW) was the target of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 5,070,000 shares, a drop of 21.4% from the November 15th total of 6,450,000 shares. Approximately 3.2% of the company’s shares are sold short. Based on an average trading volume of 862,200 shares, the short-interest ratio is currently 5.9 days.

ReNew Energy Global Stock Up 0.4 %

RNW traded up $0.03 during trading on Monday, hitting $7.12. The company had a trading volume of 1,571,794 shares, compared to its average volume of 911,001. The company has a market cap of $2.58 billion, a PE ratio of 118.19 and a beta of 0.96. The business has a 50-day moving average of $5.91 and a 200-day moving average of $5.98. The company has a debt-to-equity ratio of 4.51, a current ratio of 0.65 and a quick ratio of 0.64. ReNew Energy Global has a 1-year low of $5.15 and a 1-year high of $7.79.

Analyst Ratings Changes

Several equities research analysts have issued reports on RNW shares. Morgan Stanley downgraded shares of ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, September 26th. Roth Mkm decreased their price objective on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, August 19th.

Institutional Trading of ReNew Energy Global

A number of institutional investors and hedge funds have recently modified their holdings of RNW. Rubric Capital Management LP increased its holdings in shares of ReNew Energy Global by 1.5% in the 3rd quarter. Rubric Capital Management LP now owns 13,706,102 shares of the company’s stock worth $86,211,000 after acquiring an additional 200,000 shares during the period. Tortoise Capital Advisors L.L.C. increased its holdings in shares of ReNew Energy Global by 11.9% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 5,669,321 shares of the company’s stock worth $35,377,000 after acquiring an additional 600,850 shares during the period. Millennium Management LLC increased its holdings in shares of ReNew Energy Global by 60.5% in the 2nd quarter. Millennium Management LLC now owns 4,779,016 shares of the company’s stock worth $29,821,000 after acquiring an additional 1,802,191 shares during the period. Carrhae Capital LLP increased its holdings in shares of ReNew Energy Global by 69.3% in the 3rd quarter. Carrhae Capital LLP now owns 3,654,991 shares of the company’s stock worth $22,990,000 after acquiring an additional 1,495,819 shares during the period. Finally, Northwest & Ethical Investments L.P. increased its holdings in shares of ReNew Energy Global by 3.3% in the 3rd quarter. Northwest & Ethical Investments L.P. now owns 2,161,194 shares of the company’s stock worth $13,594,000 after acquiring an additional 68,308 shares during the period. 43.56% of the stock is owned by institutional investors and hedge funds.

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.