Azure Power Global (NYSE:AZRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $13.00 price objective on the energy company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.33% from the company’s previous close.
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. “
Other equities analysts have also recently issued research reports about the company. ValuEngine cut Azure Power Global from a “hold” rating to a “sell” rating in a report on Friday, June 29th. Janney Montgomery Scott began coverage on Azure Power Global in a report on Friday, August 17th. They issued a “buy” rating for the company. JMP Securities reiterated an “outperform” rating and issued a $30.00 target price (up previously from $26.00) on shares of Azure Power Global in a report on Thursday. Finally, Credit Suisse Group lifted their target price on Azure Power Global from $22.00 to $24.00 and gave the stock an “outperform” rating in a report on Monday, June 18th. Two investment analysts have rated the stock with a sell rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $21.67.
NYSE:AZRE opened at $12.00 on Thursday. The company has a market capitalization of $420.63 million, a price-to-earnings ratio of -18.46 and a beta of 1.89. The company has a debt-to-equity ratio of 4.43, a quick ratio of 3.81 and a current ratio of 3.81. Azure Power Global has a 1 year low of $11.69 and a 1 year high of $18.10.
Several institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its holdings in shares of 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 during the period. Sei Investments Co. boosted its holdings in shares of Azure Power Global by 3,077.1% in the 1st quarter. Sei Investments Co. now owns 30,627 shares of the energy company’s stock worth $406,000 after purchasing an additional 29,663 shares during the period. Perella Weinberg Partners Capital Management LP purchased a new position in shares of Azure Power Global in the 2nd quarter worth approximately $1,869,000. Handelsbanken Fonder AB boosted its holdings in shares of Azure Power Global by 125.0% in the 1st quarter. Handelsbanken Fonder AB now owns 534,513 shares of the energy company’s stock worth $7,082,000 after purchasing an additional 296,972 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Azure Power Global by 55.1% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,443,567 shares of the energy company’s stock worth $122,094,000 after purchasing an additional 3,000,000 shares during the period. Hedge funds and other institutional investors own 42.45% of the company’s stock.
Azure Power Global 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 energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers.
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