Azure Power (NYSE:AZRE) has received an average broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy recommendation.
Brokers have set a 12 month consensus price target of $22.00 for the company and are anticipating that the company will post ($0.07) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Azure Power an industry rank of 34 out of 265 based on the ratings given to its competitors.
Separately, Zacks Investment Research upgraded shares of Azure Power from a “sell” rating to a “hold” rating in a report on Friday, April 13th.
A number of hedge funds have recently modified their holdings of the business. Caisse DE Depot ET Placement DU Quebec grew its position in Azure Power by 1.4% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,443,567 shares of the energy company’s stock worth $77,299,000 after purchasing an additional 76,900 shares in the last quarter. Handelsbanken Fonder AB grew its position in Azure Power by 87.3% in the 4th quarter. Handelsbanken Fonder AB now owns 237,541 shares of the energy company’s stock worth $3,373,000 after purchasing an additional 110,727 shares in the last quarter. Sei Investments Co. grew its position in Azure Power 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 in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Azure Power in the 4th quarter worth about $388,000. 42.12% of the stock is owned by institutional investors and hedge funds.
Shares of AZRE traded up $0.23 on Wednesday, reaching $15.50. The company’s stock had a trading volume of 6,140 shares, compared to its average volume of 8,278. The company has a debt-to-equity ratio of 3.90, a quick ratio of 3.65 and a current ratio of 3.65. Azure Power has a twelve month low of $12.53 and a twelve month high of $18.10.
About Azure Power
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 entities, as well as other non-governmental energy distribution companies and commercial customers.
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