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.
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.
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.
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.