Barclays initiated coverage on shares of Azure Power Global (NYSE:AZRE) in a research report sent to investors on Monday morning, Marketbeat reports. The brokerage issued an equal weight rating and a $12.00 target price on the energy company’s stock.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Azure Power Global from a hold rating to a buy rating and set a $13.00 price objective on the stock in a research note on Thursday, October 11th. Credit Suisse Group lowered shares of Azure Power Global to a buy rating and dropped their price objective for the stock from $24.00 to $22.00 in a research note on Tuesday, October 9th. Roth Capital reissued a buy rating on shares of Azure Power Global in a research note on Thursday, November 15th. ValuEngine raised shares of Azure Power Global from a sell rating to a hold rating in a research note on Thursday, November 1st. Finally, JMP Securities boosted their price objective on shares of Azure Power Global from $30.00 to $31.00 and gave the stock a market outperform rating in a research note on Friday, November 16th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Azure Power Global currently has a consensus rating of Buy and an average price target of $19.50.
Shares of AZRE traded down $0.07 during trading hours on Monday, reaching $8.67. 3,325 shares of the company traded hands, compared to its average volume of 17,349. The firm has a market capitalization of $344.34 million, a price-to-earnings ratio of -13.33 and a beta of 1.77. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 5.29. Azure Power Global has a 12 month low of $8.25 and a 12 month high of $17.18.
Azure Power Global (NYSE:AZRE) last posted its quarterly earnings data on Tuesday, November 13th. The energy company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.07. Azure Power Global had a negative net margin of 1.97% and a negative return on equity of 1.73%. The business had revenue of $30.68 million for the quarter, compared to analyst estimates of $33.00 million. On average, research analysts forecast that Azure Power Global will post 0.02 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC raised 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 buying an additional 8,200 shares during the last quarter. Perella Weinberg Partners Capital Management LP raised its holdings in Azure Power Global by 16.6% in the third quarter. Perella Weinberg Partners Capital Management LP now owns 150,749 shares of the energy company’s stock worth $2,439,000 after buying an additional 21,465 shares during the last quarter. Franklin Resources Inc. purchased a new position in Azure Power Global in the third quarter worth about $4,532,000. Finally, Morgan Stanley raised its holdings in Azure Power Global by 0.7% in the third quarter. Morgan Stanley now owns 1,153,799 shares of the energy company’s stock worth $18,668,000 after buying an additional 7,683 shares during the last quarter. 26.34% 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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