BidaskClub upgraded shares of Azure Power Global Ltd. (NYSE:AZRE) from a strong sell rating to a sell rating in a research report sent to investors on Thursday morning.

A number of other research firms have also issued reports on AZRE. Roth Capital set a $22.00 price target on Azure Power Global and gave the company a buy rating in a research report on Sunday, August 20th. Zacks Investment Research lowered Azure Power Global from a hold rating to a sell rating in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $22.00.

Azure Power Global (NYSE:AZRE) opened at 16.00 on Thursday. Azure Power Global has a one year low of $12.73 and a one year high of $19.99. The stock’s market cap is $414.98 million. The stock has a 50 day moving average price of $14.44 and a 200-day moving average price of $14.44.

Azure Power Global (NYSE:AZRE) last posted its quarterly earnings results on Friday, August 11th. The energy company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). The company had revenue of $29.06 million during the quarter, compared to analysts’ expectations of $28.50 million. Azure Power Global had a negative net margin of 18.15% and a negative return on equity of 9.96%. Equities research analysts expect that Azure Power Global will post ($0.47) earnings per share for the current fiscal year.

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Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in Azure Power Global by 1.8% in the first quarter. Bank of America Corp DE now owns 10,529 shares of the energy company’s stock worth $197,000 after acquiring an additional 190 shares during the period. CAPROCK Group Inc. purchased a new position in Azure Power Global in the second quarter worth approximately $220,000. Driehaus Capital Management LLC purchased a new position in Azure Power Global in the first quarter worth approximately $328,000. Van ECK Associates Corp purchased a new position in Azure Power Global in the first quarter worth approximately $670,000. Finally, Handelsbanken Fonder AB grew its position in Azure Power Global by 32.0% in the second quarter. Handelsbanken Fonder AB now owns 105,014 shares of the energy company’s stock worth $1,762,000 after acquiring an additional 25,431 shares during the period. 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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