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Strength Seen in ReNew Energy Global PLC (RNW): Can Its 8.4% Jump Turn into More Strength?

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ReNew Energy Global PLC (RNW - Free Report) shares rallied 8.4% in the last trading session to close at $6.09. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14% gain over the past four weeks.

The recent uptick in the share price of RNW can be attributed to the fact that the company has been recognized in MIT Technology Review’s Top 15 Climate Tech Companies to Watch, a few days back.

This company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +300%. Revenues are expected to be $298.92 million, up 8.7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For ReNew Energy Global PLC, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RNW going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

ReNew Energy Global PLC belongs to the Zacks Alternative Energy - Other industry. Another stock from the same industry, Bloom Energy (BE - Free Report) , closed the last trading session 7.4% higher at $10.76. Over the past month, BE has returned -12%.

Bloom Energy's consensus EPS estimate for the upcoming report has changed -3.3% over the past month to -$0.03. Compared to the company's year-ago EPS, this represents a change of +85%. Bloom Energy currently boasts a Zacks Rank of #4 (Sell).

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