Essex Investment Management Co. LLC raised its position 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. The institutional investor 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 0.82% of Azure Power Global worth $3,474,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Morgan Stanley increased its stake in shares of Azure Power Global by 7.9% in the first quarter. Morgan Stanley now owns 652,261 shares of the energy company’s stock worth $12,171,000 after buying an additional 47,731 shares during the last quarter. Van ECK Associates Corp acquired a new stake in shares of Azure Power Global during the first quarter worth $670,000. Handelsbanken Fonder AB increased its stake in shares of Azure Power Global by 74.1% in the first quarter. Handelsbanken Fonder AB now owns 79,583 shares of the energy company’s stock worth $1,485,000 after buying an additional 33,883 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of Azure Power Global during the first quarter worth $328,000. Finally, CAPROCK Group Inc. purchased a new stake in shares of Azure Power Global during the second quarter valued at approximately $220,000. Hedge funds and other institutional investors own 45.50% of the company’s stock.
Shares of Azure Power Global Ltd. (AZRE) traded up 0.000% during mid-day trading on Wednesday, hitting $14.725. The stock had a trading volume of 57 shares. Azure Power Global Ltd. has a 1-year low of $12.73 and a 1-year high of $22.00. The stock’s 50-day moving average is $16.21 and its 200 day moving average is $16.88. The firm’s market capitalization is $381.60 million.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Monday, June 19th. The energy company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by $0.16. Azure Power Global had a negative net margin of 34.55% and a negative return on equity of 37.63%. The company had revenue of $20.32 million for the quarter, compared to analysts’ expectations of $21.50 million. Equities research analysts predict that Azure Power Global Ltd. will post $0.42 EPS for the current fiscal year.
Separately, Zacks Investment Research upgraded Azure Power Global from a “sell” rating to a “hold” rating in a research note on Tuesday, April 18th.
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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