Brokerages Anticipate Azure Power Global Ltd (AZRE) to Announce ($0.15) Earnings Per Share

Azure Power Global Ltd (NYSE:AZRE) has been given a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy recommendation.

Brokerages have set a twelve-month consensus price target of $22.00 for the company and are predicting that the company will post ($0.15) EPS for the current quarter, according to Zacks. Zacks has also given Azure Power Global an industry rank of 56 out of 265 based on the ratings given to related companies.

Several research firms recently weighed in on AZRE. Roth Capital set a $22.00 target price on Azure Power Global and gave the stock a “buy” rating in a report on Sunday, August 20th. Zacks Investment Research raised shares of Azure Power Global from a “sell” rating to a “hold” rating in a report on Thursday, September 7th. Finally, BidaskClub upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a research report on Wednesday, September 27th.

Shares of Azure Power Global (AZRE) opened at $13.40 on Friday. Azure Power Global has a fifty-two week low of $13.00 and a fifty-two week high of $22.00. The company has a debt-to-equity ratio of 3.77, a current ratio of 3.40 and a quick ratio of 3.40.

Institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp grew its position in shares of Azure Power Global by 21.9% during the 2nd quarter. Van ECK Associates Corp now owns 43,754 shares of the energy company’s stock valued at $714,000 after acquiring an additional 7,852 shares during the period. CAPROCK Group Inc. acquired a new stake in shares of Azure Power Global during the second quarter valued at about $220,000. Cohen & Steers Inc. increased its position in shares of Azure Power Global by 31.4% during the third quarter. Cohen & Steers Inc. now owns 455,571 shares of the energy company’s stock valued at $7,244,000 after acquiring an additional 108,906 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Azure Power Global by 1.8% in the first quarter. Bank of America Corp DE now owns 10,529 shares of the energy company’s stock valued at $197,000 after purchasing an additional 190 shares in the last quarter. 42.83% of the stock is owned by institutional investors and hedge funds.

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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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