Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Azure Power Global Ltd (NYSE:AZRE) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,300 shares of the energy company’s stock, valued at approximately $30,000.
A number of other hedge funds have also added to or reduced their stakes in the stock. Franklin Resources Inc. bought a new position in Azure Power Global in the 3rd quarter worth $4,532,000. Renaissance Technologies LLC raised its stake in shares of Azure Power Global by 92.6% during the third quarter. Renaissance Technologies LLC now owns 87,040 shares of the energy company’s stock valued at $1,408,000 after acquiring an additional 41,840 shares in the last quarter. Perella Weinberg Partners Capital Management LP increased its holdings in Azure Power Global by 16.6% during the third quarter. Perella Weinberg Partners Capital Management LP now owns 150,749 shares of the energy company’s stock valued at $2,439,000 after buying an additional 21,465 shares during the period. Finally, Morgan Stanley grew its holdings in Azure Power Global by 0.7% in the third quarter. Morgan Stanley now owns 1,153,799 shares of the energy company’s stock worth $18,668,000 after purchasing an additional 7,683 shares during the last quarter. 29.18% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently weighed in on the stock. Barclays restated a “hold” rating and set a $13.00 price target on shares of Azure Power Global in a research report on Monday. Credit Suisse Group set a $22.00 target price on shares of Azure Power Global and gave the company a “buy” rating in a research report on Thursday, February 14th. Roth Capital reissued a “buy” rating on shares of Azure Power Global in a research report on Thursday, November 15th. ValuEngine upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. Finally, JMP Securities lifted their target price on shares of Azure Power Global from $30.00 to $31.00 and gave the stock a “market outperform” rating in a research report on Friday, November 16th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Azure Power Global presently has an average rating of “Buy” and a consensus target price of $19.75.
Shares of Azure Power Global stock opened at $11.04 on Wednesday. The firm has a market capitalization of $451.06 million, a PE ratio of -16.98 and a beta of 1.94. Azure Power Global Ltd has a 1 year low of $8.25 and a 1 year high of $16.50. The company has a debt-to-equity ratio of 2.43, a quick ratio of 2.67 and a current ratio of 2.67.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings data on Tuesday, February 12th. The energy company reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate 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 during the quarter, compared to analyst estimates of $30.70 million. On average, sell-side analysts anticipate that Azure Power Global Ltd will post 0.12 earnings per share for the current year.
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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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