A share of ReNew Energy Global plc (NASDAQ:RNW) closed at $6.86 per share on Thursday, up from $6.70 day before. While ReNew Energy Global plc has overperformed by 2.39%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, RNW fell by -31.12%, with highs and lows ranging from $12.30 to $5.06, whereas the simple moving average fell by -9.14% in the last 200 days.
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On December 07, 2021, Goldman started tracking ReNew Energy Global plc (NASDAQ: RNW) recommending Buy. A report published by BofA Securities on October 28, 2021, Upgraded its rating to ‘Buy’ for RNW.
Analysis of ReNew Energy Global plc (RNW)
Further, the quarter-over-quarter increase in sales is 20.30%, showing a positive trend in the upcoming months.
ReNew Energy Global plc’s future performance can be predicted by a variety of well-rounded types of analysis and research, with equity being one of the most crucial ones. Taking into account the quick ratio of the company, currently set at 1.20, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can be an extremely valuable indicator of volatility, and RNW is registering an average volume of 841.49K. On a monthly basis, the volatility of the stock is set at 4.77%, whereas on a weekly basis, it is put at 4.22%, with a gain of 2.85% over the past seven days. Furthermore, long-term investors anticipate a median target price of $12.01, showing growth from the present price of $6.86, which can serve as yet another indication of whether RNW is worth investing in or should be passed over.
How Do You Analyze ReNew Energy Global plc Shares?
Besides checking the fundamentals, you should also know how many employees own shares in the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 16.62%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 80.80% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in RNW shares?
The recent increase in stakes in RNW appears to be a result of several institutional investors and hedge funds increasing their positions. Canada Pension Plan Investment Bo’s position in RNW has increased by 38.41% in the first quarter. The company now owns 64,867,691 shares of the stock, with a value of $419.69 million, following the purchase of 18,000,000 additional shares during the last quarter. TT International Asset Management made another decreased to its shares in RNW during the first quarter, downing its stake by -3.66%. During the last quarter, the company dropped down -691,854 additional shares for a total stake of worth $117.7 million, bringing number of shares owned by the company to 18,192,268.
During the first quarter, Goldman Sachs & Co. LLC subtracted a -22,498,518 position in RNW. Zimmer Partners LP purchased an additional 3.23 million shares in the last quarter, increasing its holdings by 42.39%, now holding 10.86 million shares worth $70.27 million. At the end of the first quarter, BlackRock Investment Management decreased its RNW holdings by -9.26% and now holds 7.11 million RNW shares valued at $46.02 million with the lessened -0.73 million shares during the period. RNW shares are owned by institutional investors to the tune of 80.80% at present.