Azure Power Global Ltd. (NYSE:AZRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Azure Power Global Limited is a producer and developer of solar energy. The Company’s services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. Azure Power Global Limited is based in New Delhi, India. “
Other analysts have also recently issued reports about the company. Roth Capital set a $22.00 target price on Azure Power Global and gave the stock a “buy” rating in a research note on Sunday, August 20th. BidaskClub raised Azure Power Global from a “sell” rating to a “hold” rating in a research note on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Azure Power Global has a consensus rating of “Hold” and an average target price of $22.00.
Azure Power Global (NYSE AZRE) traded up 2.07% during mid-day trading on Wednesday, hitting $15.31. 20,592 shares of the company traded hands. Azure Power Global has a one year low of $13.40 and a one year high of $22.00. The company’s market capitalization is $397.08 million. The company’s 50-day moving average price is $15.14 and its 200 day moving average price is $15.14.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Friday, August 11th. The energy company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). The company had revenue of $29.06 million during the quarter, compared to the consensus estimate of $28.50 million. Azure Power Global had a negative net margin of 18.15% and a negative return on equity of 9.96%. On average, analysts anticipate that Azure Power Global will post ($0.47) earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of AZRE. Morgan Stanley increased its stake in Azure Power Global by 7.9% during the 1st quarter. Morgan Stanley now owns 652,261 shares of the energy company’s stock worth $12,171,000 after purchasing an additional 47,731 shares in the last quarter. Bank of America Corp DE increased its stake in Azure Power Global by 1.8% during the 1st quarter. Bank of America Corp DE now owns 10,529 shares of the energy company’s stock worth $197,000 after purchasing an additional 190 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in Azure Power Global during the 1st quarter worth approximately $328,000. Handelsbanken Fonder AB increased its stake in Azure Power Global by 32.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 105,014 shares of the energy company’s stock worth $1,762,000 after purchasing an additional 25,431 shares in the last quarter. Finally, CAPROCK Group Inc. bought a new stake in Azure Power Global during the 2nd quarter worth approximately $220,000. 43.01% of the stock is owned by institutional investors and hedge funds.
About Azure Power Global
Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts.
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