Zacks: Azure Power Global Ltd (AZRE) Given Consensus Recommendation of “Strong Buy” by Analysts

Azure Power Global Ltd (NYSE:AZRE) has been given an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Analysts have set a 1 year consensus price objective of $22.00 for the company and are expecting that the company will post $0.05 EPS for the current quarter, according to Zacks. Zacks has also assigned Azure Power Global an industry rank of 134 out of 265 based on the ratings given to its competitors.

Several equities analysts have recently weighed in on the company. Zacks Investment Research cut Azure Power Global from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 10th. BidaskClub cut Azure Power Global from a “hold” rating to a “sell” rating in a report on Friday, November 3rd.

An institutional investor recently raised its position in Azure Power Global stock. Cohen & Steers Inc. grew its position in shares of Azure Power Global Ltd (NYSE:AZRE) by 31.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 455,571 shares of the energy company’s stock after buying an additional 108,906 shares during the quarter. Cohen & Steers Inc. owned 1.75% of Azure Power Global worth $7,244,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 42.14% of the company’s stock.

Azure Power Global (NYSE AZRE) traded down $0.03 during midday trading on Tuesday, hitting $16.50. The stock had a trading volume of 3,900 shares, compared to its average volume of 8,710. The company has a market cap of $429.53, a PE ratio of -21.15 and a beta of 2.07. The company has a debt-to-equity ratio of 3.90, a current ratio of 3.65 and a quick ratio of 3.65. Azure Power Global has a 12-month low of $12.53 and a 12-month high of $22.00.

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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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