ReNew Energy Global (NASDAQ:RNW) Downgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley cut shares of ReNew Energy Global (NASDAQ:RNW) from an overweight rating to an equal weight rating in a research report sent to investors on Thursday, Marketbeat reports.

Separately, Roth Mkm reduced their target price on shares of ReNew Energy Global from $9.00 to $8.00 and set a buy rating on the stock in a research note on Monday, August 19th.

ReNew Energy Global Price Performance

ReNew Energy Global stock opened at $6.29 on Thursday. The business’s 50-day simple moving average is $5.92 and its 200 day simple moving average is $5.98. The company has a quick ratio of 0.66, a current ratio of 0.67 and a debt-to-equity ratio of 4.65. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 52.42 and a beta of 0.92. ReNew Energy Global has a 12-month low of $4.78 and a 12-month high of $7.79.

Institutional Investors Weigh In On ReNew Energy Global

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its holdings in ReNew Energy Global by 60.5% during the second quarter. Millennium Management LLC now owns 4,779,016 shares of the company’s stock worth $29,821,000 after buying an additional 1,802,191 shares during the last quarter. Rubric Capital Management LP raised its position in shares of ReNew Energy Global by 15.3% in the 2nd quarter. Rubric Capital Management LP now owns 13,506,102 shares of the company’s stock valued at $84,278,000 after acquiring an additional 1,794,402 shares during the period. Daymark Wealth Partners LLC bought a new position in ReNew Energy Global during the 2nd quarter worth approximately $5,686,000. Swedbank AB acquired a new position in ReNew Energy Global during the first quarter valued at approximately $4,814,000. Finally, Tortoise Capital Advisors L.L.C. increased its stake in ReNew Energy Global by 11.9% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 5,669,321 shares of the company’s stock valued at $35,377,000 after purchasing an additional 600,850 shares in the last quarter. 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.