The Manufacturers Life Insurance Company Buys 281,000 Shares of ReNew Energy Global Plc (NASDAQ:RNW)

The Manufacturers Life Insurance Company grew its stake in shares of ReNew Energy Global Plc (NASDAQ:RNW) by 33.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,118,181 shares of the company’s stock after acquiring an additional 281,000 shares during the period. The Manufacturers Life Insurance Company’s holdings in ReNew Energy Global were worth $7,033,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of RNW. Van ECK Associates Corp raised its stake in shares of ReNew Energy Global by 58.1% during the third quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock valued at $72,000 after acquiring an additional 4,513 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in ReNew Energy Global by 23.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 12,672 shares of the company’s stock worth $80,000 after buying an additional 2,379 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in ReNew Energy Global by 12.7% in the second quarter. Mercer Global Advisors Inc. ADV now owns 15,187 shares of the company’s stock worth $95,000 after buying an additional 1,709 shares in the last quarter. Renaissance Technologies LLC raised its stake in ReNew Energy Global by 50.9% in the second quarter. Renaissance Technologies LLC now owns 34,100 shares of the company’s stock worth $213,000 after buying an additional 11,500 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in ReNew Energy Global by 48.0% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 49,224 shares of the company’s stock worth $307,000 after buying an additional 15,972 shares in the last quarter. Institutional investors own 43.56% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on RNW. Morgan Stanley downgraded shares of ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, September 26th. Roth Mkm reduced their price objective on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, August 19th.

ReNew Energy Global Price Performance

NASDAQ RNW opened at $6.01 on Thursday. The firm’s fifty day simple moving average is $5.83 and its two-hundred day simple moving average is $5.94. The company has a current ratio of 0.65, a quick ratio of 0.64 and a debt-to-equity ratio of 4.51. ReNew Energy Global Plc has a 12-month low of $5.15 and a 12-month high of $7.79. The firm has a market capitalization of $2.18 billion, a P/E ratio of 100.18 and a beta of 0.96.

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.