Azure Power Global Ltd (AZRE) Receives Average Rating of “Hold” from Analysts

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Shares of Azure Power Global Ltd (NYSE:AZRE) have earned a consensus rating of “Hold” from the six brokerages that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $21.67.

Several research firms have weighed in on AZRE. Zacks Investment Research cut Azure Power Global from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 9th. Janney Montgomery Scott began coverage on Azure Power Global in a research note on Friday, August 17th. They set a “buy” rating on the stock. ValuEngine cut Azure Power Global from a “hold” rating to a “sell” rating in a research note on Friday, June 29th. JMP Securities reaffirmed an “outperform” rating and set a $30.00 target price (up previously from $26.00) on shares of Azure Power Global in a research note on Thursday. Finally, Credit Suisse Group lifted their target price on Azure Power Global from $22.00 to $24.00 and gave the company an “outperform” rating in a research note on Monday, June 18th.

NYSE:AZRE opened at $12.00 on Friday. The company has a debt-to-equity ratio of 4.43, a quick ratio of 3.81 and a current ratio of 3.81. Azure Power Global has a fifty-two week low of $11.69 and a fifty-two week high of $18.10. The stock has a market cap of $420.63 million, a price-to-earnings ratio of -18.46 and a beta of 1.89.

A number of large investors have recently added to or reduced their stakes in AZRE. Sei Investments Co. grew its stake in Azure Power Global by 3,077.1% during the 1st quarter. Sei Investments Co. now owns 30,627 shares of the energy company’s stock valued at $406,000 after acquiring an additional 29,663 shares in the last quarter. Renaissance Technologies LLC grew its stake in Azure Power Global by 22.2% during the 2nd quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock valued at $654,000 after acquiring an additional 8,200 shares in the last quarter. Perella Weinberg Partners Capital Management LP purchased a new position in Azure Power Global during the 2nd quarter valued at about $1,869,000. Handelsbanken Fonder AB grew its stake in Azure Power Global by 125.0% during the 1st quarter. Handelsbanken Fonder AB now owns 534,513 shares of the energy company’s stock valued at $7,082,000 after acquiring an additional 296,972 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in Azure Power Global by 55.1% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,443,567 shares of the energy company’s stock valued at $122,094,000 after acquiring an additional 3,000,000 shares in the last quarter. 42.45% of the stock is currently owned by institutional investors.

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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