Azure Power Global Ltd. (AZRE) Downgraded by BidaskClub to Strong Sell
BidaskClub downgraded shares of Azure Power Global Ltd. (NYSE:AZRE) from a sell rating to a strong sell rating in a research note published on Friday.
A number of other research analysts also recently issued reports on the company. Roth Capital set a $22.00 price objective on Azure Power Global and gave the company a buy rating in a research note on Sunday, August 20th. Zacks Investment Research downgraded Azure Power Global from a hold rating to a sell rating in a research note on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $22.00.
Shares of Azure Power Global (NYSE AZRE) traded up 0.34% during midday trading on Friday, hitting $14.56. The company’s stock had a trading volume of 6,206 shares. The company has a 50-day moving average price of $15.52 and a 200 day moving average price of $16.62. The company’s market cap is $377.63 million. Azure Power Global has a 1-year low of $12.73 and a 1-year high of $22.00.
Azure Power Global (NYSE:AZRE) last announced its earnings results on Friday, August 11th. The energy company reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The company had revenue of $29.06 million for the quarter, compared to analyst estimates of $28.50 million. Azure Power Global had a negative return on equity of 9.96% and a negative net margin of 18.15%. On average, equities research analysts predict that Azure Power Global will post ($0.47) EPS for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in AZRE. Van ECK Associates Corp increased its position in shares of Azure Power Global by 21.9% in the second quarter. Van ECK Associates Corp now owns 43,754 shares of the energy company’s stock worth $714,000 after buying an additional 7,852 shares in the last quarter. Essex Investment Management Co. LLC increased its position in shares of Azure Power Global by 10.0% in the second quarter. Essex Investment Management Co. LLC now owns 212,982 shares of the energy company’s stock worth $3,474,000 after buying an additional 19,326 shares in the last quarter. CAPROCK Group Inc. acquired a new position in shares of Azure Power Global during the second quarter worth about $220,000. Handelsbanken Fonder AB increased its position in shares of 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 buying an additional 25,431 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of Azure Power Global during the first quarter worth about $328,000. 43.09% of the stock is currently owned by institutional investors.
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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