Azure Power Global (AZRE) Cut to “Hold” at Zacks Investment Research
Azure Power Global (NYSE:AZRE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.
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. “
Separately, BidaskClub raised shares of Azure Power Global from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 21st.
A hedge fund recently raised its stake in Azure Power Global stock. Cohen & Steers Inc. grew its stake in shares of Azure Power Global Ltd (NYSE:AZRE) by 31.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 455,571 shares of the energy company’s stock after purchasing an additional 108,906 shares during the period. Cohen & Steers Inc. owned approximately 1.75% of Azure Power Global worth $7,244,000 at the end of the most recent reporting period. 42.74% of the stock is currently owned by institutional investors and hedge funds.
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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