Morgan Stanley boosted its holdings in Azure Power Global Ltd (NYSE:AZRE) by 0.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,153,799 shares of the energy company’s stock after buying an additional 7,683 shares during the period. Morgan Stanley owned approximately 2.83% of Azure Power Global worth $18,668,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Perella Weinberg Partners Capital Management LP grew its position 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 in the last quarter. Franklin Resources Inc. acquired a new stake in Azure Power Global in the 3rd quarter worth about $4,532,000. Finally, Renaissance Technologies LLC raised its stake in Azure Power Global by 22.2% in the 2nd quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock worth $654,000 after purchasing an additional 8,200 shares in the last quarter. Institutional investors and hedge funds own 27.32% of the company’s stock.
Shares of Azure Power Global stock opened at $10.60 on Friday. The company has a market cap of $438.03 million, a P/E ratio of -16.31 and a beta of 1.94. The company has a debt-to-equity ratio of 5.29, a quick ratio of 1.45 and a current ratio of 1.45. Azure Power Global Ltd has a 1 year low of $8.25 and a 1 year high of $16.92.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Tuesday, November 13th. The energy company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.07. Azure Power Global had a negative net margin of 1.97% and a negative return on equity of 1.73%. The company had revenue of $30.68 million for the quarter, compared to analyst estimates of $33.00 million. Equities research analysts forecast that Azure Power Global Ltd will post 0.02 EPS for the current year.
Several brokerages have weighed in on AZRE. ValuEngine upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. JMP Securities boosted their target price on shares of Azure Power Global from $30.00 to $31.00 and gave the company a “market outperform” rating in a research report on Friday, November 16th. Roth Capital restated a “buy” rating on shares of Azure Power Global in a research report on Thursday, November 15th. 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 Wednesday, November 14th. Finally, Barclays assumed coverage on shares of Azure Power Global in a research report on Monday, January 7th. They issued an “equal weight” rating and a $12.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $19.50.
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Azure Power Global 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.
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