Azure Power Global Limited (NYSE:AZRE) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Azure Power Global Limited (NYSE:AZRE – Get Rating) have been assigned an average recommendation of “Buy” from the six analysts that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $30.50.

AZRE has been the topic of several recent analyst reports. Royal Bank of Canada decreased their price objective on shares of Azure Power Global from $39.00 to $34.00 and set an “outperform” rating on the stock in a report on Thursday, March 3rd. Zacks Investment Research cut shares of Azure Power Global from a “buy” rating to a “hold” rating in a research report on Friday, April 8th. Finally, StockNews.com upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a research report on Wednesday, March 30th.

A number of institutional investors have recently added to or reduced their stakes in the stock. abrdn plc increased its position in Azure Power Global by 9.3% during the fourth quarter. abrdn plc now owns 1,509,616 shares of the energy company’s stock worth $27,399,000 after purchasing an additional 128,897 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Azure Power Global by 26.6% in the third quarter. Franklin Resources Inc. now owns 1,115,915 shares of the energy company’s stock valued at $24,550,000 after purchasing an additional 234,393 shares during the period. BlackRock Inc. boosted its stake in shares of Azure Power Global by 17.5% in the third quarter. BlackRock Inc. now owns 648,027 shares of the energy company’s stock valued at $14,257,000 after purchasing an additional 96,403 shares during the period. State Street Corp lifted its stake in Azure Power Global by 4.5% in the fourth quarter. State Street Corp now owns 604,982 shares of the energy company’s stock worth $10,980,000 after acquiring an additional 25,976 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its stake in Azure Power Global by 2.1% in the fourth quarter. Handelsbanken Fonder AB now owns 464,492 shares of the energy company’s stock worth $8,431,000 after acquiring an additional 9,346 shares during the last quarter.

NYSE AZRE traded down $1.16 during mid-day trading on Tuesday, reaching $13.50. 8,140 shares of the stock were exchanged, compared to its average volume of 228,164. The business’s 50 day moving average is $17.05 and its 200-day moving average is $18.35. Azure Power Global has a 1 year low of $12.97 and a 1 year high of $28.14. The company has a market capitalization of $652.50 million, a P/E ratio of -15.71 and a beta of 0.74. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.61 and a current ratio of 0.61.

Azure Power Global (NYSE:AZRE – Get Rating) last posted its quarterly earnings data on Friday, February 25th. The energy company reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.11). The company had revenue of $60.20 million for the quarter, compared to analysts’ expectations of $56.70 million. Azure Power Global had a negative net margin of 17.23% and a negative return on equity of 1.14%. Equities analysts predict that Azure Power Global will post 0.07 earnings per share for the current fiscal year.

Azure Power Global Company Profile (Get Rating)

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of renewable energy projects 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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