Prepare Yourself for Liftoff: ReNew Energy Global plc (RNW)

ReNew Energy Global plc (NASDAQ: RNW) stock jumped 2.39% on Friday to $6.86 against a previous-day closing price of $6.70. With 1.12 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.84 million shares. During the session, the Utilities – Renewable company that operates in wider Utilities sector, reached to the highest price of $6.96 whereas the lowest price it dropped to was $6.68. The 52-week range on RNW shows that it touched its highest point at $12.30 and its lowest point at $5.06 during that stretch. It currently has a 1-year price target of $12.01.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RNW was up-trending over the past week, with a rise of 2.85%, but this was up by 3.78% over a month. Three-month performance dropped to -15.10% while six-month performance rose 9.58%. The stock lost -31.12% in the past year, while it has lost -11.83% so far this year. A look at the trailing 12-month EPS for RNW yields -0.47 with Next year EPS estimates of 0.23. For the next quarter, that number is 0.06. This implies an EPS growth rate of -143.10% for this year and 32.16% for next year.

Float and Shares Shorts:

At present, 265.42 million RNW shares are outstanding with a float of 84.18 million shares on hand for trading. On Jul 14, 2022, short shares totaled 4.94 million, which was 1.24% higher than short shares on Jun 14, 2022. In addition to Mr. Sumant Sinha as the firm’s Founder, Chairman & CEO, Mr. Kedar Upadhye CS, MBA serves as its Group Chief Financial Officer.

Institutional Ownership:

Through their ownership of 80.84% of RNW’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 37.43% of RNW, in contrast to 18.12% held by mutual funds. Shares owned by individuals account for –. As the largest shareholder in RNW with 22.97% of the stake, Canada Pension Plan Investment Bo holds 64,867,691 shares worth 64,867,691. A second-largest stockholder of RNW, TT International Asset Management, holds 18,192,268 shares, controlling over 6.44% of the firm’s shares. Goldman Sachs & Co. LLC is the third largest shareholder in RNW, holding 11,650,143 shares or 4.13% stake. With a 22.97% stake in RNW, the Canada Pension Plan is the largest stakeholder. A total of 64,868,000 shares are owned by the mutual fund manager. The BNP Paribas Funds – Energy Transi, which owns about 3.54% of RNW stock, is the second-largest Mutual Fund holder. It holds 10,000,000 shares valued at 64.7 million. BlackRock Global Funds – Sustaina holds 2.46% of the stake in RNW, owning 6,943,300 shares worth 44.92 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RNW since 7 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 1 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With RNW analysts setting a high price target of $18.00 and a low target of $8.00, the average target price over the next 12 months is $12.01. Based on these targets, RNW could surge 162.39% to reach the target high and rise by 16.62% to reach the target low. Reaching the average price target will result in a growth of 75.07% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. RNW will report FY 2023 earnings on 06/14/2023. Analysts have provided yearly estimates in a range of $0.18 being high and -$0.11 being low. For RNW, this leads to a yearly average estimate of $0.09. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. ReNew Energy Global plc surprised analysts by -$0.20 when it reported -$0.12 EPS against a consensus estimate of $0.08. The surprise factor in the prior quarter was -$0.13. Based on analyst estimates, the high estimate for the next quarter is $0.08 and the low estimate is $0.05. The average estimate for the next quarter is thus $0.06.

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