Essex Investment Management Co. LLC boosted its stake in Azure Power Global Ltd. (NYSE:AZRE) by 10.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 212,982 shares of the energy company’s stock after buying an additional 19,326 shares during the period. Essex Investment Management Co. LLC owned about 0.82% of Azure Power Global worth $3,474,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of AZRE. Handelsbanken Fonder AB raised its position in Azure Power Global by 74.1% in the first quarter. Handelsbanken Fonder AB now owns 79,583 shares of the energy company’s stock valued at $1,485,000 after buying an additional 33,883 shares during the period. Van ECK Associates Corp purchased a new position in Azure Power Global during the first quarter valued at approximately $670,000. Morgan Stanley raised its position in Azure Power Global by 7.9% in the first quarter. Morgan Stanley now owns 652,261 shares of the energy company’s stock valued at $12,171,000 after buying an additional 47,731 shares during the period. Bank of America Corp DE raised its position in Azure Power Global by 1.8% in the first quarter. Bank of America Corp DE now owns 10,529 shares of the energy company’s stock valued at $197,000 after buying an additional 190 shares during the period. Finally, Driehaus Capital Management LLC purchased a new position in Azure Power Global during the first quarter valued at approximately $328,000. Hedge funds and other institutional investors own 45.44% of the company’s stock.
Azure Power Global Ltd. (NYSE:AZRE) opened at 15.35 on Friday. Azure Power Global Ltd. has a 1-year low of $12.73 and a 1-year high of $22.00. The company’s 50 day moving average is $16.32 and its 200 day moving average is $16.94. The company’s market cap is $397.80 million.
Azure Power Global (NYSE:AZRE) last issued its earnings results on Monday, June 19th. The energy company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by $0.16. The firm had revenue of $20.32 million during the quarter, compared to analyst estimates of $21.50 million. Azure Power Global had a negative net margin of 34.55% and a negative return on equity of 37.63%. Equities research analysts forecast that Azure Power Global Ltd. will post $0.42 EPS for the current year.
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Separately, Zacks Investment Research upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a research note on Monday, April 3rd.
About Azure Power Global
Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts.
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