Azure Power Global Ltd (NYSE:AZRE) has earned a consensus recommendation of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $19.50.
Several brokerages recently weighed in on AZRE. Roth Capital reiterated a “buy” rating on shares of Azure Power Global in a research report on Thursday, November 15th. JMP Securities reiterated an “outperform” rating and set a $30.00 price target (up from $26.00) on shares of Azure Power Global in a research report on Thursday, October 11th. Barclays began coverage on Azure Power Global in a research report on Monday, January 7th. They set an “equal weight” rating and a $12.00 price target for the company. ValuEngine raised Azure Power Global from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Finally, Zacks Investment Research raised Azure Power Global from a “hold” rating to a “buy” rating and set a $13.00 price objective on the stock in a report on Thursday, October 11th.
A number of institutional investors and hedge funds have recently modified their holdings of the business. 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 valued at $18,668,000 after purchasing an additional 7,683 shares during the period. Renaissance Technologies LLC grew its holdings in Azure Power Global by 22.2% in the second quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock valued at $654,000 after purchasing an additional 8,200 shares during the period. Perella Weinberg Partners Capital Management LP grew its holdings in Azure Power Global by 16.6% in 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 purchasing an additional 21,465 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in Azure Power Global in the third quarter valued at approximately $4,532,000. 26.34% of the stock is currently owned by institutional investors.
AZRE stock traded up $0.10 during trading on Friday, hitting $8.84. 9,626 shares of the company traded hands, compared to its average volume of 14,962. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 5.29. The stock has a market cap of $344.34 million, a P/E ratio of -13.60 and a beta of 1.77. Azure Power Global has a 1 year low of $8.25 and a 1 year high of $17.18.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Tuesday, November 13th. The energy company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.07. The company had revenue of $30.68 million during the quarter, compared to analysts’ expectations of $33.00 million. Azure Power Global had a negative return on equity of 1.73% and a negative net margin of 1.97%. On average, research analysts predict that Azure Power Global will post 0.02 earnings per share for the current fiscal year.
Azure Power Global Company Profile
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.
See Also: The Structure of a Futures Contract
Receive News & Ratings for Azure Power Global Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Azure Power Global and related companies with MarketBeat.com’s FREE daily email newsletter.