Short Interest in ReNew Energy Global Plc (NASDAQ:RNW) Decreases By 21.4%

ReNew Energy Global Plc (NASDAQ:RNW) was the recipient of a large decrease in short interest during the month of 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. Based on an average trading volume of 862,200 shares, the short-interest ratio is currently 5.9 days. Currently, 3.2% of the shares of the stock are sold short.

ReNew Energy Global Trading Down 1.7 %

Shares of NASDAQ RNW traded down $0.12 during midday trading on Friday, reaching $7.09. 1,718,378 shares of the stock were exchanged, compared to its average volume of 908,258. The company has a debt-to-equity ratio of 4.51, a current ratio of 0.65 and a quick ratio of 0.64. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 118.17 and a beta of 0.96. The business has a 50-day simple moving average of $5.89 and a two-hundred day simple moving average of $5.97. ReNew Energy Global has a 12 month low of $5.15 and a 12 month high of $7.79.

Institutional Investors Weigh In On ReNew Energy Global

Several hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. bought a new position in ReNew Energy Global in the third quarter valued at about $11,585,000. Millennium Management LLC grew its stake in ReNew Energy Global by 60.5% during the second quarter. Millennium Management LLC now owns 4,779,016 shares of the company’s stock worth $29,821,000 after purchasing an additional 1,802,191 shares during the period. Rubric Capital Management LP lifted its position in shares of ReNew Energy Global by 15.3% during the 2nd quarter. Rubric Capital Management LP now owns 13,506,102 shares of the company’s stock valued at $84,278,000 after acquiring an additional 1,794,402 shares during the period. Carrhae Capital LLP grew its stake in ReNew Energy Global by 69.3% in the third quarter. Carrhae Capital LLP now owns 3,654,991 shares of the company’s stock valued at $22,990,000 after acquiring an additional 1,495,819 shares during the period. Finally, M&G PLC acquired a new position in shares of ReNew Energy Global during the third quarter valued at about $8,097,000. 43.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RNW has been the subject of a number of research analyst reports. Roth Mkm dropped 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 ReNew Energy Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, September 26th.

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.