Zacks Investment Research lowered shares of Azure Power Global Ltd. (NYSE:AZRE) from a hold rating to a sell rating in a report published on Wednesday.
According to Zacks, “Azure Power Global Limited is a producer and developer of solar energy. The Company’s services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. Azure Power Global Limited is based in New Delhi, India. “
Separately, Roth Capital set a $22.00 price target on shares of Azure Power Global and gave the company a buy rating in a report on Sunday.
Azure Power Global (NYSE AZRE) traded down 0.7316% on Wednesday, reaching $15.2774. 600 shares of the company traded hands. The company’s market capitalization is $396.23 million. The stock’s 50 day moving average price is $15.99 and its 200 day moving average price is $16.76. Azure Power Global has a one year low of $12.73 and a one year high of $22.00.
Azure Power Global (NYSE:AZRE) last issued its quarterly earnings results on Friday, August 11th. The energy company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.12 by $0.03. Azure Power Global had a negative net margin of 18.15% and a negative return on equity of 9.96%. The firm had revenue of $29.06 million for the quarter, compared to analysts’ expectations of $28.50 million. On average, equities research analysts predict that Azure Power Global will post ($0.47) EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased 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 in the last quarter. Van ECK Associates Corp increased its position in shares of Azure Power Global by 21.9% in the second quarter. Van ECK Associates Corp now owns 43,754 shares of the energy company’s stock valued at $714,000 after buying an additional 7,852 shares in the last quarter. CAPROCK Group Inc. purchased a new position in shares of Azure Power Global during the second quarter valued at $220,000. Driehaus Capital Management LLC purchased a new position in shares of Azure Power Global during the first quarter valued at $328,000. Finally, Essex Investment Management Co. LLC increased its position in shares of Azure Power Global by 10.0% in the second quarter. Essex Investment Management Co. LLC now owns 212,982 shares of the energy company’s stock valued at $3,474,000 after buying an additional 19,326 shares in the last quarter. 45.51% of the stock is currently owned by institutional investors and hedge funds.
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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