Azure Power (NYSE:AZRE) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.
Brokerages have set a 1-year consensus target price of $22.00 for the company and are forecasting that the company will post ($0.07) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Azure Power an industry rank of 29 out of 265 based on the ratings given to its competitors.
Separately, Zacks Investment Research downgraded shares of Azure Power from a “hold” rating to a “sell” rating in a report on Wednesday, February 14th.
Several institutional investors and hedge funds have recently added to or reduced their stakes in AZRE. Renaissance Technologies LLC acquired a new stake in shares of Azure Power in the fourth quarter worth approximately $388,000. Sei Investments Co. boosted its position in shares of Azure Power by 3,077.1% in the first quarter. Sei Investments Co. now owns 30,627 shares of the energy company’s stock worth $406,000 after acquiring an additional 29,663 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Azure Power by 87.3% in the fourth quarter. Handelsbanken Fonder AB now owns 237,541 shares of the energy company’s stock worth $3,373,000 after acquiring an additional 110,727 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Azure Power by 1.4% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,443,567 shares of the energy company’s stock worth $77,299,000 after acquiring an additional 76,900 shares during the last quarter. 41.63% of the stock is currently owned by institutional investors and hedge funds.
Shares of Azure Power opened at $15.16 on Thursday, according to Marketbeat. The stock has a market cap of $396.27 million, a PE ratio of -8.81 and a beta of 1.85. Azure Power has a 12 month low of $12.53 and a 12 month high of $18.10. The company has a quick ratio of 3.65, a current ratio of 3.65 and a debt-to-equity ratio of 3.90.
Azure Power 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 entities, as well as other non-governmental energy distribution companies and commercial customers.
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