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Essex Investment Management Co. LLC lessened its holdings in shares of Azure Power Global Ltd (NYSE:AZRE) by 5.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,105 shares of the energy company’s stock after selling 1,841 shares during the period. Essex Investment Management Co. LLC owned 0.08% of Azure Power Global worth $309,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Morgan Stanley increased its stake 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 last quarter. Perella Weinberg Partners Capital Management LP raised its stake 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 in the last quarter. Franklin Resources Inc. acquired a new stake in shares of Azure Power Global during the 3rd quarter worth approximately $4,532,000. Handelsbanken Fonder AB raised its position in shares of Azure Power Global by 47.2% during the 4th quarter. Handelsbanken Fonder AB now owns 786,610 shares of the energy company’s stock worth $7,119,000 after purchasing an additional 252,097 shares during the period. Finally, Renaissance Technologies LLC raised 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 purchasing an additional 41,840 shares during the period. 29.18% of the stock is currently owned by institutional investors and hedge funds.

AZRE opened at $10.98 on Tuesday. The firm has a market capitalization of $447.01 million, a PE ratio of -16.89 and a beta of 1.94. Azure Power Global Ltd has a 12-month low of $8.25 and a 12-month high of $16.50. The company has a quick ratio of 2.67, a current ratio of 2.67 and a debt-to-equity ratio of 2.43.

Azure Power Global (NYSE:AZRE) last released its 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. The company had revenue of $34.94 million during the quarter, compared to analyst estimates of $30.70 million. Azure Power Global had a return on equity of 0.81% and a net margin of 0.24%. Sell-side analysts anticipate that Azure Power Global Ltd will post 0.12 EPS for the current fiscal year.

AZRE has been the topic of a number of research reports. JMP Securities increased their price target on 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. Barclays assumed 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 Wednesday, November 14th. ValuEngine raised Azure Power Global from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. Finally, Roth Capital reaffirmed a “buy” rating on shares of Azure Power Global in a research note on Thursday, November 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $19.75.

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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.

Further Reading: What does cost of debt say about a company’s financial health?

Institutional Ownership by Quarter for Azure Power Global (NYSE:AZRE)

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