Recent Analysts’ Ratings Changes for Azure Power Global (AZRE)

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Several analysts have recently updated their ratings and price targets for Azure Power Global (NYSE: AZRE):

  • 6/16/2020 – Azure Power Global had its price target raised by analysts at Barclays PLC from $19.00 to $22.00. They now have an “overweight” rating on the stock.
  • 6/16/2020 – Azure Power Global had its price target lowered by analysts at JMP Securities from $30.00 to $28.00. They now have an “outperform” rating on the stock.
  • 6/16/2020 – Azure Power Global was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. 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. “
  • 6/16/2020 – Azure Power Global had its “buy” rating reaffirmed by analysts at Credit Suisse Group AG. They now have a $23.00 price target on the stock.

AZRE stock opened at $15.85 on Wednesday. The company has a quick ratio of 2.25, a current ratio of 2.25 and a debt-to-equity ratio of 3.18. Azure Power Global Ltd has a 12 month low of $10.10 and a 12 month high of $16.80. The firm has a market cap of $755.26 million, a P/E ratio of -20.85 and a beta of 0.33. The company’s 50-day moving average price is $15.22 and its two-hundred day moving average price is $14.26.

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in Azure Power Global by 11.1% in the 1st quarter. State Street Corp now owns 26,010 shares of the energy company’s stock valued at $398,000 after buying an additional 2,600 shares during the period. Morgan Stanley boosted its stake in shares of Azure Power Global by 16.7% in the 1st quarter. Morgan Stanley now owns 3,097,137 shares of the energy company’s stock valued at $47,386,000 after purchasing an additional 444,091 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of Azure Power Global in the 1st quarter valued at approximately $2,370,000. Arosa Capital Management LP acquired a new stake in shares of Azure Power Global in the 1st quarter valued at approximately $2,678,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Azure Power Global by 3.0% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 24,259,272 shares of the energy company’s stock valued at $280,195,000 after purchasing an additional 717,701 shares in the last quarter. 74.80% of the stock is currently owned by hedge funds and other institutional investors.

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of solar power plants in India. It generates solar energy based on long-term contracts with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers.

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