Azure Power Global Ltd (AZRE) Given Average Recommendation of “Hold” by Brokerages

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Shares of Azure Power Global Ltd (NYSE:AZRE) have been given a consensus rating of “Hold” by the six ratings firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokers that have covered the stock in the last year is $25.00.

A number of brokerages have commented on AZRE. Zacks Investment Research raised shares of Azure Power Global from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 5th. Janney Montgomery Scott began coverage on shares of Azure Power Global in a research note on Friday, August 17th. They issued a “buy” rating for the company. JMP Securities began coverage on shares of Azure Power Global in a research note on Monday, July 30th. They issued an “outperform” rating and a $26.00 price objective for the company. ValuEngine raised shares of Azure Power Global from a “sell” rating to a “hold” rating in a research note on Wednesday, July 25th. Finally, Credit Suisse Group lifted their price objective 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.

Several large investors have recently modified their holdings of AZRE. Sei Investments Co. grew its stake in shares of Azure Power Global by 3,077.1% in the 1st quarter. Sei Investments Co. now owns 30,627 shares of the energy company’s stock worth $406,000 after buying an additional 29,663 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Azure Power Global by 22.2% in the 2nd quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock worth $654,000 after buying an additional 8,200 shares in the last quarter. Perella Weinberg Partners Capital Management LP purchased a new position in shares of Azure Power Global in the 2nd quarter worth $1,869,000. Handelsbanken Fonder AB grew its stake in shares of Azure Power Global by 125.0% in the 1st quarter. Handelsbanken Fonder AB now owns 534,513 shares of the energy company’s stock worth $7,082,000 after buying an additional 296,972 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Azure Power Global by 55.1% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,443,567 shares of the energy company’s stock worth $122,094,000 after buying an additional 3,000,000 shares in the last quarter. 42.45% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:AZRE traded down $0.30 on Tuesday, reaching $15.30. The company’s stock had a trading volume of 13,600 shares, compared to its average volume of 29,411. Azure Power Global has a 52-week low of $12.53 and a 52-week high of $18.10. The stock has a market capitalization of $410.75 million, a P/E ratio of -23.54 and a beta of 1.98. The company has a quick ratio of 3.81, a current ratio of 3.81 and a debt-to-equity ratio of 4.43.

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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