Azure Power Global (NYSE:AZRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $13.00 price target on the energy company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 8.33% from the stock’s previous close.
According to Zacks, “Azure Power Global Limited is a producer and developer of solar energy. The Company’s services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. Azure Power Global Limited is based in New Delhi, India. “
Other equities analysts have also recently issued research reports about the company. ValuEngine cut Azure Power Global from a “hold” rating to a “sell” rating in a report on Friday, June 29th. Janney Montgomery Scott assumed coverage on Azure Power Global in a research report on Friday, August 17th. They set a “buy” rating for the company. JMP Securities reaffirmed an “outperform” rating and set a $30.00 target price (up from $26.00) on shares of Azure Power Global in a research report on Thursday. Finally, Credit Suisse Group lifted their target price on Azure Power Global from $22.00 to $24.00 and gave the company an “outperform” rating in a research report on Monday, June 18th. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $21.67.
AZRE opened at $12.00 on Thursday. Azure Power Global has a 52-week low of $11.69 and a 52-week high of $18.10. The company has a debt-to-equity ratio of 4.43, a current ratio of 3.81 and a quick ratio of 3.81. The firm has a market cap of $420.63 million, a P/E ratio of -18.46 and a beta of 1.89.
Hedge funds and other institutional investors have recently modified their holdings of the business. Sei Investments Co. raised its position in Azure Power Global by 3,077.1% during the 1st 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 in the last quarter. Renaissance Technologies LLC raised its position in Azure Power Global by 22.2% during the 2nd quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock valued at $654,000 after purchasing an additional 8,200 shares in the last quarter. Perella Weinberg Partners Capital Management LP bought a new stake in Azure Power Global during the 2nd quarter valued at $1,869,000. Handelsbanken Fonder AB raised its position 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 valued at $7,082,000 after purchasing an additional 296,972 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in Azure Power Global by 55.1% during the 2nd 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 in the last quarter. 42.45% of the stock is 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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