ReNew Energy Global (NASDAQ:RNW) Stock Price Up 6.6% – Time to Buy?

ReNew Energy Global Plc (NASDAQ:RNW)’s share price was up 6.6% during trading on Thursday . The company traded as high as $5.85 and last traded at $5.85. Approximately 162,443 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 864,963 shares. The stock had previously closed at $5.49.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RNW shares. Morgan Stanley lowered ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, September 26th. Roth Mkm cut their price target on ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, August 19th.

ReNew Energy Global Stock Up 4.6 %

The firm has a market cap of $2.14 billion, a P/E ratio of 98.18 and a beta of 0.95. The company has a quick ratio of 0.66, a current ratio of 0.65 and a debt-to-equity ratio of 4.51. The firm has a fifty day moving average of $5.91 and a 200-day moving average of $5.95.

Institutional Trading of ReNew Energy Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its position in ReNew Energy Global by 60.5% during the second quarter. Millennium Management LLC now owns 4,779,016 shares of the company’s stock worth $29,821,000 after buying an additional 1,802,191 shares during the last quarter. Rubric Capital Management LP increased its position in ReNew Energy Global by 15.3% during the second quarter. Rubric Capital Management LP now owns 13,506,102 shares of the company’s stock worth $84,278,000 after buying an additional 1,794,402 shares during the last quarter. Carrhae Capital LLP increased its position in ReNew Energy Global by 69.3% during the third quarter. Carrhae Capital LLP now owns 3,654,991 shares of the company’s stock worth $22,990,000 after buying an additional 1,495,819 shares during the last quarter. M&G PLC acquired a new position in shares of ReNew Energy Global in the third quarter valued at approximately $8,097,000. Finally, Daymark Wealth Partners LLC acquired a new position in shares of ReNew Energy Global in the second quarter valued at approximately $5,686,000. 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.