Stock Traders Buy High Volume of Put Options on ReNew Energy Global (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW) was the target of some unusual options trading on Wednesday. Stock traders acquired 14,473 put options on the stock. This is an increase of 3,465% compared to the average volume of 406 put options.

ReNew Energy Global Trading Up 3.3 %

RNW traded up $0.19 during trading on Wednesday, reaching $6.03. 484,709 shares of the stock traded hands, compared to its average volume of 1,043,528. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The stock’s 50-day moving average is $6.35 and its 200 day moving average is $6.29. ReNew Energy Global has a 12 month low of $5.15 and a 12 month high of $7.49. The stock has a market capitalization of $2.19 billion, a PE ratio of 120.60 and a beta of 0.89.

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

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in ReNew Energy Global by 40.6% in the third 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 in the last quarter. Franklin Resources Inc. acquired a new stake in shares of ReNew Energy Global in the 3rd quarter valued at about $11,585,000. The Manufacturers Life Insurance Company increased its position in ReNew Energy Global by 33.6% in 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 buying an additional 281,000 shares in the last quarter. Silphium Asset Management Ltd acquired a new position in ReNew Energy Global during the 4th quarter worth approximately $2,049,000. Finally, Helikon Investments Ltd bought a new position in ReNew Energy Global in the fourth quarter worth approximately $15,055,000. Institutional investors and hedge funds own 43.56% of the company’s stock.

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.