ReNew Energy Global (NASDAQ:RNW) Lowered to Equal Weight at Morgan Stanley

Morgan Stanley lowered shares of ReNew Energy Global (NASDAQ:RNW) from an overweight rating to an equal weight rating in a report released on Thursday, MarketBeat reports.

Separately, Roth Mkm cut their price objective on ReNew Energy Global from $9.00 to $8.00 and set a buy rating on the stock in a research report on Monday, August 19th.

ReNew Energy Global Price Performance

Shares of ReNew Energy Global stock opened at $6.26 on Thursday. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.67 and a quick ratio of 0.66. The business’s 50 day simple moving average is $5.89 and its two-hundred day simple moving average is $5.98. The stock has a market capitalization of $2.34 billion, a P/E ratio of 52.17 and a beta of 0.92. ReNew Energy Global has a one year low of $4.78 and a one year high of $7.79.

Institutional Trading of ReNew Energy Global

Hedge funds have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd purchased a new stake in ReNew Energy Global during the fourth quarter valued at $113,000. Everett Harris & Co. CA purchased a new stake in ReNew Energy Global during the first quarter valued at $90,000. Mercer Global Advisors Inc. ADV increased its position in ReNew Energy Global by 12.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 15,187 shares of the company’s stock valued at $95,000 after acquiring an additional 1,709 shares during the last quarter. MQS Management LLC purchased a new stake in ReNew Energy Global during the first quarter valued at $171,000. Finally, Syon Capital LLC increased its position in ReNew Energy Global by 89.4% during the fourth quarter. Syon Capital LLC now owns 32,395 shares of the company’s stock valued at $248,000 after acquiring an additional 15,295 shares during the last quarter. Hedge funds and other 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.