ReNew Energy Global Plc (NASDAQ:RNW) Sees Large Decrease in Short Interest

ReNew Energy Global Plc (NASDAQ:RNW) was the recipient of a large decrease in short interest in November. As of November 30th, there was short interest totalling 5,070,000 shares, a decrease of 21.4% from the November 15th total of 6,450,000 shares. Currently, 3.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 862,200 shares, the short-interest ratio is presently 5.9 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RNW shares. Roth Mkm decreased their target price on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company 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 report on Thursday, September 26th.

ReNew Energy Global Stock Up 0.4 %

Shares of NASDAQ RNW traded up $0.03 during mid-day trading on Monday, reaching $7.12. The company had a trading volume of 1,571,794 shares, compared to its average volume of 911,001. The stock has a fifty day moving average of $5.91 and a two-hundred day moving average of $5.98. 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 capitalization of $2.58 billion, a price-to-earnings ratio of 118.19 and a beta of 0.96. ReNew Energy Global has a 12-month low of $5.15 and a 12-month high of $7.79.

Institutional Trading of ReNew Energy Global

A number of hedge funds have recently made changes to their positions in RNW. Mercer Global Advisors Inc. ADV raised its position in ReNew Energy Global by 12.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 15,187 shares of the company’s stock valued at $95,000 after acquiring an additional 1,709 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in ReNew Energy Global by 23.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 12,672 shares of the company’s stock valued at $80,000 after acquiring an additional 2,379 shares in the last quarter. Van ECK Associates Corp raised its position in ReNew Energy Global by 58.1% during the third quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock valued at $72,000 after acquiring an additional 4,513 shares in the last quarter. Harvest Portfolios Group Inc. raised its position in ReNew Energy Global by 17.7% during the third quarter. Harvest Portfolios Group Inc. now owns 71,966 shares of the company’s stock valued at $453,000 after acquiring an additional 10,831 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position 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 acquiring an additional 11,500 shares in the last quarter. 43.56% of the stock is owned by hedge funds and other institutional investors.

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.