ReNew Energy Global (NASDAQ:RNW) Sees Large Volume Increase – What’s Next?

ReNew Energy Global Plc (NASDAQ:RNW) shares saw unusually-strong trading volume on Thursday . Approximately 908,777 shares changed hands during mid-day trading, an increase of 2% from the previous session’s volume of 889,236 shares.The stock last traded at $7.29 and had previously closed at $7.46.

Wall Street Analyst Weigh In

RNW has been the topic of several recent research reports. Roth Mkm cut their price objective on shares of 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. Morgan Stanley lowered shares of ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, September 26th.

ReNew Energy Global Stock Performance

The company has a debt-to-equity ratio of 4.51, a quick ratio of 0.64 and a current ratio of 0.65. The company has a market cap of $2.57 billion, a P/E ratio of 118.19 and a beta of 0.96. The firm has a 50 day moving average price of $5.89 and a 200-day moving average price of $5.97.

Institutional Investors Weigh In On ReNew Energy Global

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kayne Anderson Capital Advisors LP lifted its position in ReNew Energy Global by 21.3% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 888,831 shares of the company’s stock worth $5,591,000 after acquiring an additional 156,147 shares during the last quarter. Rubric Capital Management LP increased its stake in shares of ReNew Energy Global by 1.5% in the third quarter. Rubric Capital Management LP now owns 13,706,102 shares of the company’s stock worth $86,211,000 after purchasing an additional 200,000 shares during the period. M&G PLC acquired a new position in shares of ReNew Energy Global during the 3rd quarter worth about $8,097,000. The Manufacturers Life Insurance Company boosted its stake in ReNew Energy Global by 33.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,118,181 shares of the company’s stock valued at $7,033,000 after purchasing an additional 281,000 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in ReNew Energy Global by 40.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 699,905 shares of the company’s stock valued at $4,402,000 after purchasing an additional 202,100 shares during the period. 43.56% of the stock is currently owned by institutional investors and hedge funds.

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.