ReNew Energy Global (NASDAQ:RNW) Shares Gap Down to $6.29

ReNew Energy Global Plc (NASDAQ:RNW) shares gapped down before the market opened on Wednesday . The stock had previously closed at $6.29, but opened at $5.94. ReNew Energy Global shares last traded at $5.95, with a volume of 109,467 shares changing hands.

Analysts Set New Price Targets

RNW has been the topic of a number of research analyst reports. Morgan Stanley cut 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 target on ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, August 19th.

ReNew Energy Global Price Performance

The firm’s 50-day moving average is $5.94 and its 200-day moving average is $5.97. The company has a market capitalization of $2.11 billion, a P/E ratio of 49.58 and a beta of 0.92. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.67 and a quick ratio of 0.66.

Institutional Investors Weigh In On ReNew Energy Global

Several large investors have recently added to or reduced their stakes in RNW. Mercer Global Advisors Inc. ADV lifted 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 purchasing an additional 1,709 shares during the last quarter. Tidal Investments LLC grew its holdings in ReNew Energy Global by 3.5% during the 1st quarter. Tidal Investments LLC now owns 87,575 shares of the company’s stock worth $525,000 after acquiring an additional 2,924 shares in the last quarter. Renaissance Technologies LLC increased its holdings in ReNew Energy Global by 50.9% during the second quarter. Renaissance Technologies LLC now owns 34,100 shares of the company’s stock valued at $213,000 after buying an additional 11,500 shares during the period. Everett Harris & Co. CA bought a new stake in ReNew Energy Global during the first quarter valued at about $90,000. Finally, Syon Capital LLC grew its position in shares of ReNew Energy Global by 89.4% in the 4th quarter. Syon Capital LLC now owns 32,395 shares of the company’s stock worth $248,000 after buying an additional 15,295 shares during the last quarter. 43.56% of the stock is owned by 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.