Azure Power Global (AZRE) Cut to “Hold” at Zacks Investment Research

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Azure Power Global (NYSE:AZRE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, 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. “

Several other equities analysts also recently weighed in on the company. Barclays initiated coverage on Azure Power Global in a research report on Monday, January 7th. They issued an “equal weight” rating and a $12.00 target price on the stock. Credit Suisse Group set a $22.00 target price on Azure Power Global and gave the company a “buy” rating in a research report on Thursday, February 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Azure Power Global currently has a consensus rating of “Buy” and a consensus target price of $19.75.

Shares of AZRE stock opened at $11.65 on Wednesday. Azure Power Global has a fifty-two week low of $8.25 and a fifty-two week high of $16.50. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 2.43. The stock has a market capitalization of $464.12 million, a PE ratio of -17.92 and a beta of 1.93.

Azure Power Global (NYSE:AZRE) last issued its earnings results on Tuesday, February 12th. The energy company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.17. Azure Power Global had a return on equity of 0.81% and a net margin of 0.24%. The firm had revenue of $34.94 million for the quarter, compared to the consensus estimate of $30.70 million. Research analysts anticipate that Azure Power Global will post 0.12 EPS for the current year.

Several large investors have recently bought and sold shares of AZRE. Renaissance Technologies LLC increased its holdings in shares of Azure Power Global by 92.6% in the third quarter. Renaissance Technologies LLC now owns 87,040 shares of the energy company’s stock valued at $1,408,000 after purchasing an additional 41,840 shares during the last quarter. Morgan Stanley increased its holdings in shares of Azure Power Global by 0.7% in the third 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. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Azure Power Global in the fourth quarter valued at approximately $30,000. Perella Weinberg Partners Capital Management LP increased its holdings in shares of Azure Power Global by 262.5% in the fourth quarter. Perella Weinberg Partners Capital Management LP now owns 546,495 shares of the energy company’s stock valued at $4,946,000 after purchasing an additional 395,746 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Azure Power Global by 47.2% in the fourth 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. 51.79% of the stock is owned by hedge funds and other 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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