Azure Power Global (NYSE:AZRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. “
Separately, BidaskClub upgraded Azure Power Global from a “sell” rating to a “hold” rating in a report on Thursday, October 19th.
Several institutional investors have recently made changes to their positions in AZRE. Cohen & Steers Inc. grew its stake in shares of Azure Power Global by 31.4% in the third quarter. Cohen & Steers Inc. now owns 455,571 shares of the energy company’s stock worth $7,244,000 after acquiring an additional 108,906 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Azure Power Global by 1.4% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,443,567 shares of the energy company’s stock worth $77,299,000 after acquiring an additional 76,900 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Azure Power Global in the fourth quarter worth $388,000. Institutional investors and hedge funds own 42.14% of the company’s stock.
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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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