Roth Mkm Lowers ReNew Energy Global (NASDAQ:RNW) Price Target to $7.50

ReNew Energy Global (NASDAQ:RNW) had its target price reduced by equities researchers at Roth Mkm from $8.00 to $7.50 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Roth Mkm’s price objective indicates a potential upside of 23.25% from the stock’s previous close.

ReNew Energy Global Stock Performance

Shares of ReNew Energy Global stock traded down $0.27 on Friday, reaching $6.09. 482,705 shares of the stock were exchanged, compared to its average volume of 1,197,418. The firm has a market capitalization of $2.21 billion, a PE ratio of 121.50 and a beta of 0.89. ReNew Energy Global has a 1-year low of $5.15 and a 1-year high of $7.49. The business has a fifty day moving average price of $6.75 and a two-hundred day moving average price of $6.21. The company has a current ratio of 0.60, a quick ratio of 0.64 and a debt-to-equity ratio of 4.74.

ReNew Energy Global (NASDAQ:RNW) last issued its earnings results on Tuesday, February 18th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The company had revenue of $248.00 million for the quarter, compared to analysts’ expectations of $20.22 billion. ReNew Energy Global had a return on equity of 1.75% and a net margin of 2.17%. As a group, research analysts anticipate that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of ReNew Energy Global

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its holdings 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 acquiring an additional 4,513 shares during the last quarter. Robeco Institutional Asset Management B.V. raised 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 purchasing an additional 2,379 shares during the period. Harvest Portfolios Group Inc. lifted its stake in shares of ReNew Energy Global by 17.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 71,966 shares of the company’s stock valued at $453,000 after purchasing an additional 10,831 shares in the last quarter. M&G PLC purchased a new stake in shares of ReNew Energy Global during the 3rd quarter worth about $8,097,000. Finally, Fiera Capital Corp acquired a new stake in ReNew Energy Global during the 3rd quarter worth approximately $2,233,000. Hedge funds and other institutional investors own 43.56% of the company’s stock.

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.