Azure Power Global Ltd. (AZRE) Upgraded by Zacks Investment Research to Hold
Azure Power Global Ltd. (NYSE:AZRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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. “
A number of other equities research analysts have also recently issued reports on AZRE. Roth Capital set a $22.00 target price on shares of Azure Power Global and gave the company a “buy” rating in a report on Sunday, August 20th. BidaskClub cut shares of Azure Power Global from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $22.00.
Azure Power Global (AZRE) remained flat at $14.60 during mid-day trading on Thursday. 2,540 shares of the company’s stock traded hands. The firm has a 50-day moving average of $15.35 and a 200-day moving average of $16.57. Azure Power Global has a 12-month low of $12.73 and a 12-month high of $22.00. The company’s market capitalization is $378.67 million.
Azure Power Global (NYSE:AZRE) last issued its quarterly earnings results on Friday, August 11th. The energy company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.12 by $0.03. Azure Power Global had a negative return on equity of 9.96% and a negative net margin of 18.15%. The business had revenue of $29.06 million for the quarter, compared to the consensus estimate of $28.50 million. Equities research analysts expect that Azure Power Global will post ($0.47) earnings per share for the current fiscal year.
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A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Morgan Stanley grew its stake in Azure Power Global by 7.9% in the 1st quarter. Morgan Stanley now owns 652,261 shares of the energy company’s stock valued at $12,171,000 after buying an additional 47,731 shares during the last quarter. Essex Investment Management Co. LLC grew its stake in Azure Power Global by 10.0% in the 2nd quarter. Essex Investment Management Co. LLC now owns 212,982 shares of the energy company’s stock valued at $3,474,000 after buying an additional 19,326 shares during the last quarter. Luminus Management LLC acquired a new position in Azure Power Global in the 4th quarter valued at about $2,451,000. Handelsbanken Fonder AB grew its stake in Azure Power Global by 32.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 105,014 shares of the energy company’s stock valued at $1,762,000 after buying an additional 25,431 shares during the last quarter. Finally, Van ECK Associates Corp grew its stake in Azure Power Global by 21.9% in the 2nd quarter. Van ECK Associates Corp now owns 43,754 shares of the energy company’s stock valued at $714,000 after buying an additional 7,852 shares during the last quarter. Institutional investors and hedge funds own 43.09% of the company’s stock.
Azure Power Global Company Profile
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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