ReNew Energy Global (NASDAQ:RNW) Hits New 12-Month Low – Time to Sell?

ReNew Energy Global Plc (NASDAQ:RNW) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $5.26 and last traded at $5.26, with a volume of 94044 shares. The stock had previously closed at $5.67.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNW. Morgan Stanley downgraded ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research report on Thursday, September 26th. Roth Mkm dropped their price objective on shares of ReNew Energy Global from $9.00 to $8.00 and set a “buy” rating for the company in a report on Monday, August 19th.

ReNew Energy Global Stock Down 3.0 %

The business has a 50-day simple moving average of $6.01 and a 200-day simple moving average of $5.98. The company has a debt-to-equity ratio of 4.65, a quick ratio of 0.66 and a current ratio of 0.67. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 189.00 and a beta of 0.95.

Institutional Investors Weigh In On ReNew Energy Global

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV increased its holdings in shares of ReNew Energy Global by 12.7% in the 2nd 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 during the last quarter. Robeco Institutional Asset Management B.V. increased its stake in ReNew Energy Global by 23.1% in the third quarter. Robeco Institutional Asset Management B.V. now owns 12,672 shares of the company’s stock valued at $80,000 after purchasing an additional 2,379 shares during the last quarter. Tidal Investments LLC raised its holdings in ReNew Energy Global by 3.5% during the first quarter. Tidal Investments LLC now owns 87,575 shares of the company’s stock worth $525,000 after purchasing an additional 2,924 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of ReNew Energy Global by 58.1% during the 3rd quarter. Van ECK Associates Corp now owns 12,278 shares of the company’s stock worth $72,000 after buying an additional 4,513 shares during the last quarter. Finally, Harvest Portfolios Group Inc. boosted its holdings in shares of ReNew Energy Global by 17.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 71,966 shares of the company’s stock valued at $453,000 after buying an additional 10,831 shares in the last quarter. 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.