ReNew Energy Global Plc [NASDAQ: RNW] jumped around 0.2 points on Tuesday, while shares priced at $5.48 at the close of the session, up 3.79%. The company report on August 18, 2022 that ReNew Power Announces Results for the First Quarter of Fiscal Year 2023 (Q1 FY23), ended June 30, 2022.
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ReNew Energy Global Plc (“ReNew” or “the Company”) (Nasdaq: RNW, RNWWW), India’s leading renewable energy company in terms of total commissioned capacity, today announced its consolidated results for Q1 FY23 ended June 30, 2022.
Compared to the average trading volume of 828.61K shares, RNW reached a trading volume of 4790260 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about ReNew Energy Global Plc [RNW]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for RNW shares is $11.97 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on RNW stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Goldman have made an estimate for ReNew Energy Global Plc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 07, 2021. While these analysts kept the previous recommendation, BofA Securities raised their target price from $11 to $12. The new note on the price target was released on October 28, 2021, representing the official price target for ReNew Energy Global Plc stock.
The Average True Range (ATR) for ReNew Energy Global Plc is set at 0.35, with the Price to Sales ratio for RNW stock in the period of the last 12 months amounting to 0.03. The Price to Book ratio for the last quarter was 1.51, with the Price to Cash per share for the same quarter was set at 2.87.
How has RNW stock performed recently?
ReNew Energy Global Plc [RNW] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.14. With this latest performance, RNW shares dropped by -10.60% in over the last four-week period, additionally sinking by -25.14% over the last 6 months – not to mention a drop of -35.53% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RNW stock in for the last two-week period is set at 39.11, with the RSI for the last a single of trading hit 40.09, and the three-weeks RSI is set at 39.91 for ReNew Energy Global Plc [RNW]. The present Moving Average for the last 50 days of trading for this stock 6.49, while it was recorded at 5.35 for the last single week of trading, and 6.97 for the last 200 days.
ReNew Energy Global Plc [RNW]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and ReNew Energy Global Plc [RNW] shares currently have an operating margin of +35.04 and a Gross Margin at +68.80. ReNew Energy Global Plc’s Net Margin is presently recorded at -27.11.
Return on Equity for this stock declined to -13.70, with Return on Assets sitting at -2.69.
ReNew Energy Global Plc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.20.
Insider trade positions for ReNew Energy Global Plc [RNW]
There are presently around $850 million, or 82.60% of RNW stock, in the hands of institutional investors. The top three institutional holders of RNW stocks are: CANADA PENSION PLAN INVESTMENT BOARD with ownership of 64,867,691, which is approximately 0% of the company’s market cap and around 15.97% of the total institutional ownership; TT INTERNATIONAL, holding 14,346,489 shares of the stock with an approximate value of $78.62 million in RNW stocks shares; and ZIMMER PARTNERS, LP, currently with $66.7 million in RNW stock with ownership of nearly 12.08% of the company’s market capitalization.
Positions in ReNew Energy Global Plc stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 43 institutional holders increased their position in ReNew Energy Global Plc [NASDAQ:RNW] by around 10,348,265 shares. Additionally, 36 investors decreased positions by around 8,038,536 shares, while 13 investors held positions by with 136,756,964 shares. The mentioned changes placed institutional holdings at 155,143,765 shares, according to the latest SEC report filing. RNW stock had 15 new institutional investments in for a total of 3,880,659 shares, while 13 institutional investors sold positions of 1,965,826 shares during the same period.