Investors Buy Large Volume of ReNew Energy Global Put Options (NASDAQ:RNW)

ReNew Energy Global Plc (NASDAQ:RNW) was the recipient of some unusual options trading activity on Wednesday. Stock investors purchased 14,473 put options on the company. This represents an increase of 3,465% compared to the average daily volume of 406 put options.

Institutional Investors Weigh In On ReNew Energy Global

Several large investors have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new stake in shares of ReNew Energy Global in the fourth quarter valued at $25,000. BNP Paribas Financial Markets purchased a new position in shares of ReNew Energy Global during the 4th quarter valued at $25,000. Summit Securities Group LLC purchased a new stake in shares of ReNew Energy Global in the 4th quarter valued at about $34,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in ReNew Energy Global during the fourth quarter valued at approximately $52,000. Finally, Signaturefd LLC purchased a new position in ReNew Energy Global in the 4th quarter worth approximately $65,000. Hedge funds and other institutional investors own 43.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm lowered their target price on shares of ReNew Energy Global from $8.00 to $7.50 and set a “buy” rating on the stock in a report on Friday, February 21st.

ReNew Energy Global Stock Up 3.3 %

NASDAQ RNW traded up $0.19 on Wednesday, reaching $6.03. The company had a trading volume of 484,709 shares, compared to its average volume of 1,043,528. The company has a quick ratio of 0.64, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The company’s fifty day moving average is $6.35 and its 200 day moving average is $6.29. ReNew Energy Global has a 52-week low of $5.15 and a 52-week high of $7.49. The stock has a market capitalization of $2.19 billion, a P/E ratio of 120.60 and a beta of 0.89.

ReNew Energy Global (NASDAQ:RNW) last issued its quarterly earnings data on Tuesday, February 18th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). ReNew Energy Global had a return on equity of 1.75% and a net margin of 2.17%. The firm had revenue of $248.00 million during the quarter, compared to the consensus estimate of $20.22 billion. Sell-side analysts anticipate that ReNew Energy Global will post 0.15 earnings per share for the current fiscal year.

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.