Azure Power Global Ltd (AZRE) Given Consensus Rating of “Buy” by Brokerages

Azure Power Global Ltd (NYSE:AZRE) has earned an average rating of “Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $22.00.

Several analysts recently issued reports on AZRE shares. Credit Suisse Group set a $22.00 price objective on shares of Azure Power Global and gave the company a “buy” rating in a research note on Thursday, February 14th. Barclays reaffirmed a “hold” rating and set a $13.00 price objective on shares of Azure Power Global in a research note on Monday, February 18th. Finally, Zacks Investment Research cut shares of Azure Power Global from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 2nd.

NYSE AZRE traded up $0.04 during trading hours on Friday, hitting $11.36. 22,700 shares of the company’s stock traded hands, compared to its average volume of 25,501. Azure Power Global has a 52-week low of $8.25 and a 52-week high of $16.50. The stock has a market cap of $462.08 million, a PE ratio of -17.48 and a beta of 1.93. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 2.43.

Azure Power Global (NYSE:AZRE) last announced its quarterly earnings data on Tuesday, February 12th. The energy company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.17. Azure Power Global had a net margin of 0.24% and a return on equity of 0.81%. The company had revenue of $34.94 million during the quarter, compared to analysts’ expectations of $30.70 million. On average, sell-side analysts forecast that Azure Power Global will post 0.12 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the business. Morgan Stanley boosted its holdings in Azure Power Global by 0.7% in the 3rd quarter. Morgan Stanley now owns 1,153,799 shares of the energy company’s stock valued at $18,668,000 after purchasing an additional 7,683 shares during the last quarter. Kayne Anderson Capital Advisors LP acquired a new position in Azure Power Global in the 4th quarter valued at about $718,000. Millennium Management LLC boosted its holdings in Azure Power Global by 1,647.8% in the 4th quarter. Millennium Management LLC now owns 329,730 shares of the energy company’s stock valued at $2,984,000 after purchasing an additional 310,865 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Azure Power Global in the 4th quarter valued at about $30,000. Finally, Handelsbanken Fonder AB boosted its holdings in Azure Power Global by 47.2% in the 4th quarter. Handelsbanken Fonder AB now owns 786,610 shares of the energy company’s stock valued at $7,119,000 after purchasing an additional 252,097 shares during the last quarter. Institutional investors own 51.29% of the company’s stock.

Azure Power Global Company Profile

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of solar power plants in India. It generates solar energy based on long-term contracts with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers.

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Analyst Recommendations for Azure Power Global (NYSE:AZRE)

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