Azure Power Global (NYSE:AZRE) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Azure Power Global (NYSE:AZREGet Rating) from a buy rating to a hold rating in a report published on Monday, Zacks.com reports.

According to Zacks, “Azure Power Global Limited is a producer and developer of solar energy. The Company’s services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. Azure Power Global Limited is based in New Delhi, India. “

Several other equities research analysts have also commented on the company. StockNews.com upgraded Azure Power Global from a sell rating to a hold rating in a research note on Wednesday, March 30th. Royal Bank of Canada cut their price objective on Azure Power Global from $39.00 to $34.00 and set an outperform rating for the company in a research note on Thursday, March 3rd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Azure Power Global presently has a consensus rating of Buy and an average price target of $29.90.

NYSE AZRE opened at $14.42 on Monday. The stock has a market capitalization of $696.96 million, a price-to-earnings ratio of -16.77 and a beta of 0.74. Azure Power Global has a twelve month low of $12.44 and a twelve month high of $28.14. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 3.87. The stock has a 50-day moving average of $16.88 and a 200 day moving average of $18.05.

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

Hedge funds have recently bought and sold shares of the company. Nia Impact Advisors LLC grew its position in shares of Azure Power Global by 17.3% in the third quarter. Nia Impact Advisors LLC now owns 104,279 shares of the energy company’s stock valued at $2,294,000 after purchasing an additional 15,363 shares in the last quarter. Millennium Management LLC grew its position in shares of Azure Power Global by 30.1% in the third quarter. Millennium Management LLC now owns 195,968 shares of the energy company’s stock valued at $4,311,000 after purchasing an additional 45,374 shares in the last quarter. Jefferies Group LLC lifted its holdings in Azure Power Global by 135.6% in the third quarter. Jefferies Group LLC now owns 253,834 shares of the energy company’s stock valued at $5,584,000 after acquiring an additional 146,074 shares during the last quarter. BlackRock Inc. lifted its holdings in 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 acquiring an additional 96,403 shares during the last quarter. Finally, Credit Suisse AG lifted its holdings in Azure Power Global by 7.6% in the third quarter. Credit Suisse AG now owns 83,596 shares of the energy company’s stock valued at $1,839,000 after acquiring an additional 5,871 shares during the last quarter.

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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