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

ReNew Energy Global Plc (NASDAQ:RNW) was the target of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 2,150,000 shares, an increase of 21.5% from the February 13th total of 1,770,000 shares. Approximately 1.4% of the company’s shares are sold short. Based on an average trading volume of 1,340,000 shares, the days-to-cover ratio is presently 1.6 days.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RNW. Point72 Asset Management L.P. purchased a new position in ReNew Energy Global in the fourth quarter valued at about $25,000. BNP Paribas Financial Markets purchased a new position in shares of ReNew Energy Global in the 4th quarter worth approximately $25,000. Summit Securities Group LLC bought a new position in shares of ReNew Energy Global during the 4th quarter worth approximately $34,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of ReNew Energy Global during the 4th quarter worth approximately $52,000. Finally, Signaturefd LLC purchased a new stake in ReNew Energy Global during the fourth quarter valued at approximately $65,000. 43.56% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

ReNew Energy Global Stock Performance

Shares of ReNew Energy Global stock opened at $6.26 on Thursday. ReNew Energy Global has a 12 month low of $5.15 and a 12 month high of $7.49. The stock’s fifty day moving average price is $6.47 and its 200-day moving average price is $6.28. The firm has a market cap of $2.27 billion, a P/E ratio of 125.20 and a beta of 0.89. 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 released its quarterly earnings data 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 for 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%. On average, equities research analysts expect that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

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.