Azure Power Global (NYSE:AZRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

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. “

A number of other brokerages have also recently issued reports on AZRE. Barclays started coverage on Azure Power Global in a report on Monday, January 7th. They set an “equal weight” rating and a $12.00 target price on the stock. Credit Suisse Group set a $22.00 price objective on Azure Power Global and gave the company a “buy” rating in a report on Thursday, February 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $19.75.

Azure Power Global stock traded up $0.38 during mid-day trading on Tuesday, hitting $11.90. The stock had a trading volume of 12,944 shares, compared to its average volume of 28,218. The stock has a market cap of $466.16 million, a price-to-earnings ratio of -18.31 and a beta of 1.94. Azure Power Global has a 12 month low of $8.25 and a 12 month high of $16.50. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 2.43.

Azure Power Global (NYSE:AZRE) last posted its quarterly earnings results on Tuesday, February 12th. The energy company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.17. The business had revenue of $34.94 million for the quarter, compared to analysts’ expectations of $30.70 million. Azure Power Global had a return on equity of 0.81% and a net margin of 0.24%. As a group, sell-side analysts expect that Azure Power Global will post 0.12 EPS for the current year.

Several large investors have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its holdings in shares of Azure Power Global by 1,647.8% during the 4th quarter. Millennium Management LLC now owns 329,730 shares of the energy company’s stock valued at $2,984,000 after purchasing an additional 310,865 shares in the last quarter. Kayne Anderson Capital Advisors LP bought a new position in shares of Azure Power Global during the 4th quarter valued at about $718,000. Handelsbanken Fonder AB lifted its holdings in shares of Azure Power Global by 47.2% during the 4th quarter. Handelsbanken Fonder AB now owns 786,610 shares of the energy company’s stock valued at $7,119,000 after purchasing an additional 252,097 shares in the last quarter. Perella Weinberg Partners Capital Management LP lifted its holdings in shares of Azure Power Global by 262.5% during the 4th quarter. Perella Weinberg Partners Capital Management LP now owns 546,495 shares of the energy company’s stock valued at $4,946,000 after purchasing an additional 395,746 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Azure Power Global during the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 51.79% of the company’s stock.

About Azure Power Global

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of solar power plants in India. It generates solar energy based on long-term contracts with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers.

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