Azure Power Global Ltd. (NYSE:AZRE) received a $22.00 target price from stock analysts at Roth Capital in a research report issued to clients and investors on Sunday. The brokerage currently has a “buy” rating on the energy company’s stock. Roth Capital’s price target points to a potential upside of 41.94% from the company’s current price.
Shares of Azure Power Global (NYSE AZRE) opened at 15.50 on Friday. Azure Power Global has a 12-month low of $12.73 and a 12-month high of $22.00. The company’s 50-day moving average is $16.04 and its 200-day moving average is $16.79. The stock’s market cap is $402.01 million.
Azure Power Global (NYSE:AZRE) last posted its earnings results on Friday, August 11th. The energy company reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.03. The company had revenue of $29.06 million for the quarter, compared to the consensus estimate of $28.50 million. Azure Power Global had a negative net margin of 18.15% and a negative return on equity of 9.96%. On average, equities research analysts anticipate that Azure Power Global will post $0.01 earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of AZRE. Essex Investment Management Co. LLC boosted its position in shares of Azure Power Global by 303.7% in the first quarter. Essex Investment Management Co. LLC now owns 193,656 shares of the energy company’s stock valued at $3,614,000 after buying an additional 145,691 shares during the period. Handelsbanken Fonder AB boosted its position 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 valued at $1,485,000 after buying an additional 33,883 shares during the period. Van ECK Associates Corp acquired a new position in shares of Azure Power Global during the first quarter valued at $670,000. Morgan Stanley boosted its position 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 valued at $12,171,000 after buying an additional 47,731 shares during the period. Finally, Bank of America Corp DE boosted 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 valued at $197,000 after buying an additional 190 shares during the period. Institutional investors and hedge funds own 45.51% of the company’s stock.
Azure Power Global Company Profile
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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