ReNew Energy Global (NASDAQ:RNW) Sets New 12-Month Low - Here's Why

Shares of ReNew Energy Global Plc (NASDAQ:RNW - Get Free Report) reached a new 52-week low on Tuesday . The company traded as low as $5.02 and last traded at $5.85, with a volume of 632 shares. The stock had previously closed at $5.82.

Analyst Upgrades and Downgrades

Separately, Roth Mkm cut their price objective on shares of 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 Trading Down 0.3 %

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 business's fifty day simple moving average is $6.51 and its two-hundred day simple moving average is $6.26. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 122.20 and a beta of 0.89.

ReNew Energy Global (NASDAQ:RNW - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.07). The company had revenue of $248.00 million for the quarter, compared to analyst estimates of $20.22 billion. ReNew Energy Global had a return on equity of 1.75% and a net margin of 2.17%. On average, equities analysts predict that ReNew Energy Global Plc will post 0.15 EPS for the current year.

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Hedge Funds Weigh In On ReNew Energy Global

A number of hedge funds have recently modified their holdings of RNW. Kayne Anderson Capital Advisors LP grew its position in shares of ReNew Energy Global by 21.3% during the third quarter. Kayne Anderson Capital Advisors LP now owns 888,831 shares of the company's stock worth $5,591,000 after acquiring an additional 156,147 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of ReNew Energy Global by 33.6% during the third quarter. The Manufacturers Life Insurance Company now owns 1,118,181 shares of the company's stock worth $7,033,000 after acquiring an additional 281,000 shares during the last quarter. Quantbot Technologies LP grew its position in shares of ReNew Energy Global by 454.7% during the third quarter. Quantbot Technologies LP now owns 15,788 shares of the company's stock worth $99,000 after acquiring an additional 12,942 shares during the last quarter. Rubric Capital Management LP grew its position in shares of ReNew Energy Global by 1.5% during the third quarter. Rubric Capital Management LP now owns 13,706,102 shares of the company's stock worth $86,211,000 after acquiring an additional 200,000 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of ReNew Energy Global by 4.3% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 281,126 shares of the company's stock worth $1,768,000 after acquiring an additional 11,639 shares during the last quarter. 43.56% of the stock is currently owned by hedge funds and other institutional investors.

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.