Azure Power Global Ltd (NYSE:AZRE) has been given a consensus rating of “Buy” by the seven research firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $19.75.
A number of analysts recently issued reports on the stock. Barclays assumed coverage on shares of Azure Power Global in a report on Monday, January 7th. They set an “equal weight” rating and a $12.00 price target on the stock. Credit Suisse Group set a $22.00 price target on shares of Azure Power Global and gave the stock a “buy” rating in a report on Thursday, February 14th.
Shares of NYSE AZRE traded up $0.13 during trading hours on Thursday, hitting $11.08. 170,200 shares of the stock were exchanged, compared to its average volume of 32,447. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 2.43. The firm has a market cap of $451.88 million, a PE ratio of -17.05 and a beta of 1.94. Azure Power Global has a 12 month low of $8.25 and a 12 month high of $16.50.
Azure Power Global (NYSE:AZRE) last issued its quarterly earnings results on Tuesday, February 12th. The energy company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $34.94 million for the quarter, compared to analyst estimates of $30.70 million. On average, equities research analysts anticipate that Azure Power Global will post 0.12 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Azure Power Global in the fourth quarter worth approximately $30,000. Kayne Anderson Capital Advisors LP purchased a new stake in shares of Azure Power Global during the 4th quarter worth approximately $718,000. Renaissance Technologies LLC lifted its position in shares of Azure Power Global by 92.6% during the 3rd quarter. Renaissance Technologies LLC now owns 87,040 shares of the energy company’s stock worth $1,408,000 after buying an additional 41,840 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of Azure Power Global during the 3rd quarter worth approximately $4,532,000. Finally, Millennium Management LLC lifted its position in shares of Azure Power Global by 1,647.8% during the 4th quarter. Millennium Management LLC now owns 329,730 shares of the energy company’s stock worth $2,984,000 after buying an additional 310,865 shares during the last quarter. 51.79% of the stock is 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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