Norges Bank Buys Shares of 601,386 ReNew Energy Global Plc (NASDAQ:RNW)

Norges Bank bought a new position in shares of ReNew Energy Global Plc (NASDAQ:RNW - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 601,386 shares of the company's stock, valued at approximately $4,107,000. Norges Bank owned approximately 0.17% of ReNew Energy Global as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Northwest & Ethical Investments L.P. raised its holdings in ReNew Energy Global by 6.3% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 2,296,800 shares of the company's stock valued at $15,687,000 after acquiring an additional 135,606 shares during the last quarter. Helikon Investments Ltd purchased a new stake in shares of ReNew Energy Global in the fourth quarter valued at approximately $15,055,000. Franklin Resources Inc. acquired a new stake in shares of ReNew Energy Global in the third quarter valued at approximately $11,585,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in ReNew Energy Global by 40.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 699,905 shares of the company's stock worth $4,402,000 after buying an additional 202,100 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D acquired a new position in ReNew Energy Global during the fourth quarter worth $4,436,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

ReNew Energy Global Trading Up 2.4 %

Shares of ReNew Energy Global stock traded up $0.15 during mid-day trading on Tuesday, hitting $6.21. The stock had a trading volume of 60,624 shares, compared to its average volume of 1,064,610. The firm has a market cap of $2.25 billion, a P/E ratio of 124.10 and a beta of 0.89. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The firm has a 50-day moving average of $6.19 and a two-hundred day moving average of $6.24. ReNew Energy Global Plc has a 12-month low of $5.15 and a 12-month high of $7.49.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last posted its earnings results on Tuesday, February 18th. The company reported ($0.11) 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 analysts' expectations 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 Plc will post 0.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Roth Mkm reduced their price target on ReNew Energy Global from $8.00 to $7.50 and set a "buy" rating on the stock in a report on Friday, February 21st.

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.