Shares of Azure Power Global Ltd (NYSE:AZRE) have been given an average recommendation of “Hold” by the six ratings firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $21.67.
Several research analysts have recently commented on the company. Zacks Investment Research lowered Azure Power Global from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 9th. Janney Montgomery Scott assumed coverage on Azure Power Global in a research report on Friday, August 17th. They issued a “buy” rating for the company. JMP Securities assumed coverage on Azure Power Global in a research report on Monday, July 30th. They issued an “outperform” rating and a $26.00 target price for the company. ValuEngine upgraded Azure Power Global from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Finally, Credit Suisse Group lowered Azure Power Global to a “buy” rating and decreased their target price for the stock from $24.00 to $22.00 in a research report on Tuesday, October 9th.
Azure Power Global stock traded up $0.14 during trading hours on Friday, reaching $12.15. The stock had a trading volume of 33,806 shares, compared to its average volume of 36,561. The firm has a market cap of $420.63 million, a PE ratio of -18.69 and a beta of 1.89. 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 has a 52 week low of $11.69 and a 52 week high of $18.10.
Several hedge funds and other institutional investors have recently made changes to their positions in AZRE. Sei Investments Co. lifted its holdings 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 purchasing an additional 29,663 shares during the last quarter. Renaissance Technologies LLC lifted its holdings 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 purchasing an additional 8,200 shares during the last quarter. Perella Weinberg Partners Capital Management LP bought a new stake in shares of Azure Power Global in the 2nd quarter worth approximately $1,869,000. Handelsbanken Fonder AB lifted its holdings 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 purchasing an additional 296,972 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings 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 purchasing an additional 3,000,000 shares during the last quarter. 42.45% of the stock is currently owned by institutional investors and hedge funds.
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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