Azure Power Global Ltd (NYSE:AZRE) has received a consensus rating of “Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $22.33.
Several equities analysts have weighed in on AZRE shares. Zacks Investment Research downgraded shares of Azure Power Global from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. Barclays upgraded shares of Azure Power Global from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $13.00 to $19.00 in a report on Friday. ValuEngine downgraded shares of Azure Power Global from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Finally, HSBC started coverage on shares of Azure Power Global in a report on Thursday, October 17th. They set a “buy” rating for the company.
A number of large investors have recently bought and sold shares of the business. Kayne Anderson Capital Advisors LP increased its holdings in Azure Power Global by 3.8% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 44,100 shares of the energy company’s stock valued at $465,000 after acquiring an additional 1,600 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Azure Power Global by 16.3% during the 2nd quarter. Wells Fargo & Company MN now owns 15,065 shares of the energy company’s stock valued at $159,000 after acquiring an additional 2,110 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Azure Power Global by 20.5% during the 2nd quarter. Renaissance Technologies LLC now owns 164,161 shares of the energy company’s stock valued at $1,732,000 after acquiring an additional 27,901 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Azure Power Global by 16.2% during the 2nd quarter. Morgan Stanley now owns 1,791,165 shares of the energy company’s stock worth $18,897,000 after purchasing an additional 249,663 shares during the last quarter. Hedge funds and other institutional investors own 52.34% of the company’s stock.
Shares of AZRE traded up $0.50 during trading hours on Friday, reaching $13.25. The company had a trading volume of 21,621 shares, compared to its average volume of 12,850. The firm has a 50 day simple moving average of $12.13 and a 200-day simple moving average of $11.28. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 2.74. The company has a market capitalization of $523.67 million, a price-to-earnings ratio of 101.92 and a beta of 1.32. Azure Power Global has a 12-month low of $8.25 and a 12-month high of $12.91.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Monday, August 12th. The energy company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.03). The company had revenue of $49.18 million during the quarter, compared to analysts’ expectations of $45.00 million. Azure Power Global had a net margin of 1.67% and a return on equity of 1.86%. Sell-side analysts forecast that Azure Power Global will post 0.19 earnings per share for the current year.
About Azure Power Global
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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