Azure Power Global Ltd. (NYSE:AZRE) released its quarterly earnings data on Friday. The energy company reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.03, Morningstar.com reports. Azure Power Global had a negative return on equity of 37.63% and a negative net margin of 34.55%. The company had revenue of $29.06 million during the quarter, compared to analysts’ expectations of $28.50 million.
Azure Power Global (NYSE:AZRE) traded up 0.69% during midday trading on Friday, reaching $16.00. The company’s stock had a trading volume of 15,745 shares. The stock’s market cap is $414.64 million. Azure Power Global has a 12-month low of $12.73 and a 12-month high of $22.00. The stock’s 50 day moving average is $16.16 and its 200 day moving average is $16.84.
A number of hedge funds and other institutional investors have recently made changes to their positions in AZRE. Bank of America Corp DE raised its position in shares of 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 worth $197,000 after buying an additional 190 shares in the last quarter. CAPROCK Group Inc. purchased a new stake in Azure Power Global during the second quarter worth approximately $220,000. Driehaus Capital Management LLC purchased a new stake in Azure Power Global during the first quarter worth approximately $328,000. Van ECK Associates Corp purchased a new stake in Azure Power Global during the first quarter worth approximately $670,000. Finally, Handelsbanken Fonder AB increased its stake 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 worth $1,485,000 after buying an additional 33,883 shares during the last quarter. 45.50% of the stock is currently owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research upgraded Azure Power Global from a “sell” rating to a “hold” rating in a research report 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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