Analysts’ Weekly Ratings Changes for Azure Power Global (AZRE)

Azure Power Global (NYSE: AZRE) recently received a number of ratings updates from brokerages and research firms:

  • 10/11/2018 – Azure Power Global had its “outperform” rating reaffirmed by analysts at JMP Securities. They now have a $30.00 price target on the stock, up previously from $26.00.
  • 10/11/2018 – Azure Power Global was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $13.00 price target on the stock. 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. “
  • 10/9/2018 – Azure Power Global was downgraded by analysts at Credit Suisse Group AG to a “buy” rating. They now have a $22.00 price target on the stock, down previously from $24.00.
  • 10/8/2018 – Azure Power Global was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 9/5/2018 – Azure Power Global was upgraded by analysts at Zacks Investment Research from a “strong sell” rating to a “hold” rating. 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. “

Shares of NYSE AZRE opened at $12.13 on Friday. 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 stock has a market capitalization of $312.55 million, a price-to-earnings ratio of -18.66 and a beta of 1.90. Azure Power Global Ltd has a fifty-two week low of $11.69 and a fifty-two week high of $18.10.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its holdings in Azure Power Global by 22.2% in the second quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock worth $654,000 after acquiring an additional 8,200 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Azure Power Global by 3,077.1% during the first 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 period. Perella Weinberg Partners Capital Management LP acquired a new stake in shares of Azure Power Global during the second quarter worth about $1,869,000. Handelsbanken Fonder AB lifted its holdings in shares of Azure Power Global by 125.0% during the first 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 period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Azure Power Global by 55.1% during the second 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 period. 42.45% of the stock is owned by institutional investors and hedge funds.

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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