Azure Power Global (NYSE:AZRE) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Azure Power Global (NYSE:AZRE) from a buy rating to a hold rating in a research report sent to investors on Tuesday, Zacks.com reports.

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. “

AZRE has been the topic of several other research reports. ValuEngine raised Azure Power Global from a hold rating to a buy rating in a research report on Tuesday, July 2nd. JMP Securities reduced their price target on Azure Power Global from $31.00 to $26.00 and set a market outperform rating on the stock in a research report on Wednesday, June 12th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $18.50.

Azure Power Global stock opened at $10.10 on Tuesday. Azure Power Global has a 12 month low of $8.25 and a 12 month high of $16.21. The stock’s 50 day moving average is $10.56 and its 200-day moving average is $11.08. The company has a current ratio of 1.18, a quick ratio of 1.02 and a debt-to-equity ratio of 2.75. The company has a market capitalization of $425.17 million, a price-to-earnings ratio of 79.69 and a beta of 1.32.

Azure Power Global (NYSE:AZRE) last posted its earnings results on Monday, August 12th. The energy company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). Azure Power Global had a net margin of 1.67% and a return on equity of 1.86%. The firm had revenue of $49.18 million during the quarter, compared to analyst estimates of $45.00 million. As a group, equities research analysts predict that Azure Power Global will post 0.19 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of AZRE. Wells Fargo & Company MN grew its position in Azure Power Global by 16.3% during the second quarter. Wells Fargo & Company MN now owns 15,065 shares of the energy company’s stock worth $159,000 after buying an additional 2,110 shares in the last quarter. Kayne Anderson Capital Advisors LP lifted its stake in Azure Power Global by 3.8% during the second quarter. Kayne Anderson Capital Advisors LP now owns 44,100 shares of the energy company’s stock worth $465,000 after purchasing an additional 1,600 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Azure Power Global by 20.5% during the second quarter. Renaissance Technologies LLC now owns 164,161 shares of the energy company’s stock worth $1,732,000 after purchasing an additional 27,901 shares during the last quarter. Millennium Management LLC lifted its stake in Azure Power Global by 1,647.8% during the fourth quarter. Millennium Management LLC now owns 329,730 shares of the energy company’s stock worth $2,984,000 after purchasing an additional 310,865 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Azure Power Global by 16.2% during the second quarter. Morgan Stanley now owns 1,791,165 shares of the energy company’s stock worth $18,897,000 after purchasing an additional 249,663 shares during the last quarter. 51.63% of the stock is currently owned by institutional investors and hedge funds.

About Azure Power Global

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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