Investors Purchase Large Volume of Put Options on ReNew Energy Global (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 approximately 3,465% compared to the average daily volume of 406 put options.

Hedge Funds Weigh In On ReNew Energy Global

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

ReNew Energy Global Trading Up 3.4 %

RNW opened at $6.04 on Thursday. The firm’s fifty day simple moving average is $6.34 and its 200 day simple moving average is $6.29. The stock has a market capitalization of $2.19 billion, a P/E ratio of 120.80 and a beta of 0.89. The company has a current ratio of 0.60, a quick ratio of 0.64 and a debt-to-equity ratio of 4.74. ReNew Energy Global has a 12 month low of $5.15 and a 12 month high of $7.49.

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

Wall Street Analyst Weigh In

Separately, Roth Mkm cut 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.

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.