10 Worst Performing Utility Stocks in 2024

6. ReNew Energy (NASDAQ:RNW)  

YTD Performance as of October 15: -22.58%  

Market Cap as of October 15: $2.21 Billion  

Number of Hedge Fund Investors: 16

ReNew Energy (NASDAQ:RNW) is a UK-based renewable energy company, operating in India as the country’s largest renewable energy company. ReNew Energy (NASDAQ:RNW) specializes in solar and wind power generation.

The company’s growth potential is driven by India’s push for renewable energy. In Q1 2025, ReNew Energy (NASDAQ:RNW) secured agreements to produce about 15.6 GW of energy, with 7.12 GW of operational capacity, including 4.7 GW of wind and 2.4 GW of solar power.

Management says the company is on track to boost its financial returns and recent auction wins should bring in higher returns than before, thanks to lower module prices and a solid supply chain. The company’s manufacturing investments also give it an edge: the Jaipur facility, for example, is set to produce over 2 GW of modules this year, with the Gujarat facility expected to ramp up production by year-end. ReNew Energy (NASDAQ:RNW) also locked in external module sales for about 600 MW, which should boost profitability as these projects go live.

ReNew Energy (NASDAQ:RNW) has aggressive growth plans, including doubling its portfolio by 2029. Industry analysts have a consensus Buy rating on the stock with a target price of $8.70, implying a potential upside of 38.68% from current levels.