Azure Power Global Ltd. (AZRE) Upgraded at BidaskClub
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.
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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