ReNew Energy Global (NASDAQ:RNW) Shares Gap Down Following Weak Earnings

ReNew Energy Global Plc (NASDAQ:RNW - Get Free Report)'s stock price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $6.76, but opened at $6.45. ReNew Energy Global shares last traded at $6.41, with a volume of 429,520 shares.

The company reported ($0.11) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.07). The firm 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%.

Wall Street Analysts Forecast Growth

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.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new position in shares of ReNew Energy Global during the 4th quarter worth $25,000. BNP Paribas Financial Markets purchased a new stake in ReNew Energy Global during the fourth quarter worth about $25,000. Summit Securities Group LLC acquired a new position in ReNew Energy Global during the fourth quarter worth about $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in ReNew Energy Global during the fourth quarter worth about $52,000. Finally, Signaturefd LLC purchased a new position in ReNew Energy Global in the fourth quarter valued at about $65,000. Hedge funds and other institutional investors own 43.56% of the company's stock.

ReNew Energy Global Stock Performance

The stock's 50-day moving average price is $6.75 and its 200-day moving average price is $6.21. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of 122.20 and a beta of 0.89. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.64 and a current ratio of 0.60.

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.