Stock Traders Buy Large Volume of ReNew Energy Global Put Options (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW) was the recipient of some unusual options trading activity on Wednesday. Stock traders bought 14,473 put options on the stock. This is an increase of 3,465% compared to the typical daily volume of 406 put options.

ReNew Energy Global Price Performance

Shares of RNW stock traded up $0.19 during trading hours on Wednesday, reaching $6.03. The company’s stock had a trading volume of 484,709 shares, compared to its average volume of 1,043,528. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. ReNew Energy Global has a fifty-two week low of $5.15 and a fifty-two week high of $7.49. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 120.60 and a beta of 0.89. The firm’s 50 day simple moving average is $6.35 and its 200-day simple moving average is $6.29.

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

Analyst Upgrades and Downgrades

Separately, Roth Mkm cut their price target on shares of ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating for the company in a report on Friday, February 21st.

Hedge Funds Weigh In On ReNew Energy Global

A number of institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its holdings in shares of ReNew Energy Global by 191.4% during the 4th quarter. Franklin Resources Inc. now owns 5,693,312 shares of the company’s stock valued at $38,885,000 after acquiring an additional 3,739,645 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of ReNew Energy Global during the fourth quarter valued at about $19,302,000. Helikon Investments Ltd bought a new stake in shares of ReNew Energy Global during the fourth quarter worth about $15,055,000. State of New Jersey Common Pension Fund D bought a new stake in shares of ReNew Energy Global in the fourth quarter worth $4,436,000. Finally, Norges Bank acquired a new stake in shares of ReNew Energy Global in the fourth quarter valued at about $4,107,000. 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.