Zacks Investment Research Upgrades Azure Power Global Ltd. (AZRE) to “Hold”
Azure Power Global Ltd. (NYSE:AZRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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. “
Several other equities analysts also recently weighed in on AZRE. Roth Capital set a $22.00 price target on shares of Azure Power Global and gave the stock a “buy” rating in a report on Sunday, August 20th. BidaskClub downgraded shares of Azure Power Global from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $22.00.
Shares of Azure Power Global (NYSE:AZRE) opened at 14.51 on Thursday. The company’s 50-day moving average is $15.24 and its 200 day moving average is $16.54. Azure Power Global has a 12 month low of $12.73 and a 12 month high of $22.00. The company’s market capitalization is $376.33 million.
Azure Power Global (NYSE:AZRE) last issued its quarterly earnings results on Friday, August 11th. The energy company reported $0.09 earnings per share for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $28.50 million. On average, equities research analysts anticipate that Azure Power Global will post ($0.47) earnings per share for the current year.
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Large investors have recently modified their holdings of the stock. Morgan Stanley grew its stake in shares of Azure Power Global by 7.9% during the 1st quarter. Morgan Stanley now owns 652,261 shares of the energy company’s stock worth $12,171,000 after purchasing an additional 47,731 shares during the period. Essex Investment Management Co. LLC grew its stake in shares of Azure Power Global by 10.0% during the 2nd quarter. Essex Investment Management Co. LLC now owns 212,982 shares of the energy company’s stock worth $3,474,000 after purchasing an additional 19,326 shares during the period. Handelsbanken Fonder AB grew its stake in shares of Azure Power Global by 32.0% during the 2nd quarter. Handelsbanken Fonder AB now owns 105,014 shares of the energy company’s stock worth $1,762,000 after purchasing an additional 25,431 shares during the period. Van ECK Associates Corp grew its stake 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 worth $714,000 after purchasing an additional 7,852 shares during the period. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Azure Power Global during the 1st quarter worth approximately $328,000. Institutional investors own 43.09% of the company’s stock.
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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