ReNew Energy Global (NASDAQ:RNW) Releases Earnings Results, Misses Expectations By $0.07 EPS

ReNew Energy Global (NASDAQ:RNW) issued its quarterly earnings results on Tuesday. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07), Zacks reports. ReNew Energy Global had a net margin of 2.70% and a return on equity of 2.16%.

ReNew Energy Global Stock Performance

Shares of ReNew Energy Global stock opened at $6.76 on Wednesday. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 112.69 and a beta of 0.89. The stock’s 50-day moving average is $6.78 and its 200-day moving average is $6.20. ReNew Energy Global has a one year low of $5.15 and a one year high of $7.49. The company has a debt-to-equity ratio of 4.51, a current ratio of 0.65 and a quick ratio of 0.64.

Institutional Investors Weigh In On ReNew Energy Global

A hedge fund recently raised its stake in ReNew Energy Global stock. Bank of America Corp DE lifted its stake in shares of ReNew Energy Global Plc (NASDAQ:RNW) by 722.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,621 shares of the company’s stock after purchasing an additional 13,721 shares during the quarter. Bank of America Corp DE’s holdings in ReNew Energy Global were worth $107,000 as of its most recent SEC filing. 43.56% of the stock is owned by 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.