ReNew Energy Global plc (NASDAQ:RNW) price on Friday, January 17, rose 0.74% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $6.78.
A look at the stock’s price movement, the close in the last trading session was $6.73, moving within a range at $6.77 and $6.92. The beta value (5-Year monthly) was 0.95 while the PE ratio in trailing twelve months stood at 76.87. Turning to its 52-week performance, $7.49 and $5.15 were the 52-week high and 52-week low respectively. Overall, RNW moved -4.78% over the past month.
ReNew Energy Global plc’s market cap currently stands at around $2.53 billion, with investors looking forward to this quarter’s earnings report slated for in February.
Analysts have a consensus estimate of 20.22B for the company’s revenue for the quarter, with a low and high estimate of 18.16B and 22.29B respectively. The average forecast suggests up to a 4.96% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 99.04B, representing a 2.60% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that RNW is a 50% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
2 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 1 recommend RNW as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
RNW’s current price about -0.63% and 7.18% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 53.96, while 7-day volatility ratio is 2.87% and 2.86% in the 30-day chart. Further, ReNew Energy Global plc (RNW) has a beta value of 0.90, and an average true range (ATR) of 0.22. Analysts have given the company’s stock an average 52-week price target of $9, forecast between a low of $9 and high of $9. Looking at the price targets, the low is -32.74% off current price level while to achieve the yearly target high, price needs to move -32.74%. Nonetheless, investors will most likely welcome a -32.74% jump to $9 which is the analysts’ median price.
If we refocus on ReNew Energy Global plc (NASDAQ:RNW), historical trading data shows that trading volumes averaged 1.43 over the past 10 days and 1.12 million over the past 3 months. The company’s latest data on shares outstanding shows there are 254.67 million shares.
The 58.08% of ReNew Energy Global plc’s shares are in the hands of company insiders while institutional holders own 39.39% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 6.94 million on 2024-10-31, giving us a short ratio of 7.6. The data shows that as of 2024-10-31 short interest in ReNew Energy Global plc (RNW) stood at 1010.0000000000001 of shares outstanding, with shares short rising to 6.85 million registered in 2024-09-30. Current price change has pushed the stock -0.73% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the RNW stock continues to rise going into the next quarter.
