Azure Power Global Ltd. (AZRE) Upgraded to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Azure Power Global Ltd. (NYSE:AZRE) from a sell rating to a hold rating in a research report report published on Wednesday morning.
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 have also issued research reports about the company. Roth Capital set a $22.00 target price on Azure Power Global and gave the company a buy rating in a research note on Sunday, August 20th. BidaskClub raised Azure Power Global from a sell rating to a hold rating in a research note on Wednesday, September 27th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $22.00.
Shares of Azure Power Global (NYSE:AZRE) traded up 1.50% during trading on Wednesday, reaching $15.54. The company’s stock had a trading volume of 1,322 shares. The stock’s 50-day moving average is $15.12 and its 200-day moving average is $15.12. Azure Power Global has a 12-month low of $13.40 and a 12-month high of $22.00. The stock’s market cap is $403.05 million.
Azure Power Global (NYSE:AZRE) last released its earnings results on Friday, August 11th. The energy company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.03). Azure Power Global had a negative net margin of 18.15% and a negative return on equity of 9.96%. The company had revenue of $29.06 million during the quarter, compared to the consensus estimate of $28.50 million. Equities research analysts anticipate that Azure Power Global will post ($0.47) earnings per share for the current fiscal year.
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A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in Azure Power Global by 1.8% during 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 period. Van ECK Associates Corp increased its holdings in 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 valued at $714,000 after purchasing an additional 7,852 shares during the period. CAPROCK Group Inc. purchased a new position in Azure Power Global during the 2nd quarter valued at about $220,000. Driehaus Capital Management LLC purchased a new position in Azure Power Global during the 1st quarter valued at about $328,000. Finally, Essex Investment Management Co. LLC increased its holdings in 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 valued at $3,474,000 after purchasing an additional 19,326 shares during the period. Institutional investors own 43.01% of the company’s stock.
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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