Azure Power Global Ltd. (AZRE) Cut to Sell at Zacks Investment Research

Azure Power Global Ltd. (NYSE:AZRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday, November 9th.

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. “

Other equities research analysts have also issued reports about the stock. BidaskClub lowered shares of Azure Power Global from a “hold” rating to a “sell” rating in a report on Friday, October 13th. Roth Capital set a $22.00 price objective on shares of Azure Power Global and gave the company a “buy” rating in a report on Sunday, August 20th. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.00.

Shares of Azure Power Global (NYSE:AZRE) opened at $14.70 on Thursday. Azure Power Global has a fifty-two week low of $14.20 and a fifty-two week high of $22.00. The company has a debt-to-equity ratio of 3.77, a current ratio of 3.40 and a quick ratio of 3.40.

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Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of Azure Power Global by 1.8% in the 1st quarter. Bank of America Corp DE now owns 10,529 shares of the energy company’s stock valued at $197,000 after purchasing an additional 190 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Azure Power Global by 21.9% in the 2nd 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 during the last quarter. CAPROCK Group Inc. purchased a new position in shares of Azure Power Global in the 2nd quarter valued at $220,000. Essex Investment Management Co. LLC grew its position in shares of Azure Power Global by 10.0% in the 2nd 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 during the last quarter. Finally, Morgan Stanley grew its position in shares of Azure Power Global by 7.9% in the 1st 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 last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

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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