Zacks Investment Research upgraded shares of Azure Power Global Ltd. (NYSE:AZRE) from a sell rating to a hold rating in a report issued 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. “
Other equities research analysts also recently issued reports about the stock. Roth Capital set a $22.00 target price on shares of Azure Power Global and gave the stock a buy rating in a research note on Sunday, August 20th. BidaskClub downgraded shares of Azure Power Global from a sell rating to a strong sell rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $22.00.
Shares of Azure Power Global (AZRE) opened at 14.51 on Thursday. Azure Power Global has a 12 month low of $12.73 and a 12 month high of $22.00. The stock’s market capitalization is $376.33 million. The company’s 50 day moving average price is $15.24 and its 200-day moving average price is $16.54.
Azure Power Global (NYSE:AZRE) last announced its earnings results on Friday, August 11th. The energy company reported $0.09 earnings per share 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 analysts’ expectations of $28.50 million. Equities analysts predict that Azure Power Global will post ($0.47) earnings per share for the current year.
Several large investors have recently made changes to their positions in AZRE. Bank of America Corp DE increased its position in shares of Azure Power Global by 1.8% in the 1st 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 during the last quarter. CAPROCK Group Inc. purchased a new stake in shares of Azure Power Global in the 2nd quarter valued at approximately $220,000. Driehaus Capital Management LLC purchased a new stake in shares of Azure Power Global in the 1st quarter valued at approximately $328,000. Van ECK Associates Corp purchased a new stake in shares of Azure Power Global in the 1st quarter valued at approximately $670,000. Finally, Handelsbanken Fonder AB increased its position in shares of 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 purchasing an additional 25,431 shares during the last quarter. 43.09% of the stock is currently owned by institutional investors.
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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