Short Interest in ReNew Energy Global Plc (NASDAQ:RNW) Grows By 21.5%

ReNew Energy Global Plc (NASDAQ:RNW) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 2,150,000 shares, an increase of 21.5% from the February 13th total of 1,770,000 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average daily trading volume, of 1,340,000 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analyst Weigh In

Separately, Roth Mkm decreased their target price on ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating on the stock in a research note on Friday, February 21st.

ReNew Energy Global Price Performance

Shares of ReNew Energy Global stock traded up $0.04 during trading hours on Wednesday, reaching $6.17. The company’s stock had a trading volume of 61,800 shares, compared to its average volume of 1,027,688. The firm has a 50 day moving average price of $6.48 and a 200-day moving average price of $6.28. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.64. The stock has a market cap of $2.24 billion, a P/E ratio of 123.30 and a beta of 0.89. ReNew Energy Global has a one year low of $5.15 and a one year high of $7.49.

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

Institutional Trading of ReNew Energy Global

A number of large investors have recently modified their holdings of the company. Point72 Asset Management L.P. purchased a new position in shares of ReNew Energy Global during the fourth quarter valued at $25,000. BNP Paribas Financial Markets purchased a new position in ReNew Energy Global during the 4th quarter worth approximately $25,000. Summit Securities Group LLC purchased a new position in shares of ReNew Energy Global during the fourth quarter worth $34,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ReNew Energy Global in the 4th quarter valued at about $52,000. Finally, Signaturefd LLC acquired a new stake in shares of ReNew Energy Global during the 4th quarter worth approximately $65,000. 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.