Azure Power Global (NYSE:AZRE) had its price target dropped by analysts at JMP Securities from $31.00 to $26.00 in a report released on Wednesday, BenzingaRatingsTable reports. The firm presently has a “market outperform” rating on the energy company’s stock. JMP Securities’ target price points to a potential upside of 122.33% from the company’s previous close.
A number of other research firms also recently commented on AZRE. Barclays reiterated a “hold” rating and issued a $13.00 price target on shares of Azure Power Global in a research note on Monday, February 18th. Credit Suisse Group set a $22.00 price target on Azure Power Global and gave the stock a “buy” rating in a research note on Thursday, February 14th. Finally, Zacks Investment Research upgraded Azure Power Global from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Friday, April 19th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $18.50.
NYSE AZRE traded up $0.14 during trading hours on Wednesday, hitting $11.69. The company had a trading volume of 9,872 shares, compared to its average volume of 26,600. Azure Power Global has a fifty-two week low of $8.25 and a fifty-two week high of $16.50. The company has a market cap of $469.91 million, a P/E ratio of 89.96 and a beta of 1.60. The company has a current ratio of 1.02, a quick ratio of 2.67 and a debt-to-equity ratio of 2.43.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Monday, June 10th. The energy company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $41.17 million during the quarter, compared to analyst estimates of $41.80 million. Azure Power Global had a net margin of 0.93% and a return on equity of 1.70%. On average, sell-side analysts forecast that Azure Power Global will post 0.29 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of AZRE. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Azure Power Global by 3.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,048,065 shares of the energy company’s stock valued at $213,055,000 after buying an additional 604,498 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Azure Power Global by 1,647.8% during the fourth quarter. Millennium Management LLC now owns 329,730 shares of the energy company’s stock valued at $2,984,000 after buying an additional 310,865 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Azure Power Global by 46.6% during the first quarter. Renaissance Technologies LLC now owns 136,260 shares of the energy company’s stock valued at $1,536,000 after buying an additional 43,300 shares during the last quarter. Kayne Anderson Capital Advisors LP bought a new stake in shares of Azure Power Global during the fourth quarter valued at approximately $718,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Azure Power Global during the first quarter valued at approximately $239,000. 52.12% of the stock is currently owned by hedge funds and other institutional investors.
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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