Stock analysts at Janney Montgomery Scott initiated coverage on shares of Azure Power Global (NYSE:AZRE) in a note issued to investors on Friday, The Fly reports. The firm set a “buy” rating on the energy company’s stock.

AZRE has been the topic of several other reports. Zacks Investment Research lowered shares of Azure Power Global from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. Credit Suisse Group lifted their price target on shares of Azure Power Global from $22.00 to $24.00 and gave the stock an “outperform” rating in a research note on Monday, June 18th. JMP Securities initiated coverage on shares of Azure Power Global in a research note on Monday, July 30th. They set an “outperform” rating and a $26.00 price target on the stock. Finally, ValuEngine upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $22.50.

Shares of NYSE:AZRE opened at $15.55 on Friday. Azure Power Global has a 12 month low of $12.53 and a 12 month high of $18.10. The company has a current ratio of 3.81, a quick ratio of 3.81 and a debt-to-equity ratio of 4.43. The firm has a market cap of $418.81 million, a P/E ratio of -23.92 and a beta of 2.02.

Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Friday, June 15th. The energy company reported $0.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.07) by $0.08. Azure Power Global had a negative net margin of 11.97% and a negative return on equity of 9.47%. The firm had revenue of $34.70 million for the quarter, compared to analyst estimates of $33.80 million. equities analysts expect that Azure Power Global will post -0.12 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB raised its stake in Azure Power Global by 125.0% during the 1st quarter. Handelsbanken Fonder AB now owns 534,513 shares of the energy company’s stock worth $7,082,000 after acquiring an additional 296,972 shares in the last quarter. Perella Weinberg Partners Capital Management LP acquired a new position in Azure Power Global in the second quarter valued at $1,869,000. Renaissance Technologies LLC acquired a new position in Azure Power Global in the fourth quarter valued at $388,000. Sei Investments Co. increased its stake in Azure Power Global by 3,077.1% in the first quarter. Sei Investments Co. now owns 30,627 shares of the energy company’s stock valued at $406,000 after purchasing an additional 29,663 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec increased its stake in Azure Power Global by 55.1% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,443,567 shares of the energy company’s stock valued at $122,094,000 after purchasing an additional 3,000,000 shares during the period. Hedge funds and other institutional investors own 43.16% of the company’s stock.

Azure Power Global Company Profile

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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