Millennium Management LLC Grows Position in Azure Power Global Ltd (AZRE)

Millennium Management LLC lifted its stake in shares of Azure Power Global Ltd (NYSE:AZRE) by 1,647.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 329,730 shares of the energy company’s stock after acquiring an additional 310,865 shares during the period. Millennium Management LLC owned 0.81% of Azure Power Global worth $2,984,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in AZRE. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Azure Power Global during the fourth quarter worth $30,000. Kayne Anderson Capital Advisors LP acquired a new position in Azure Power Global during the fourth quarter worth $718,000. Renaissance Technologies LLC raised its holdings in Azure Power Global by 92.6% during the third quarter. Renaissance Technologies LLC now owns 87,040 shares of the energy company’s stock worth $1,408,000 after buying an additional 41,840 shares during the last quarter. Perella Weinberg Partners Capital Management LP raised its holdings in Azure Power Global by 262.5% during the fourth quarter. Perella Weinberg Partners Capital Management LP now owns 546,495 shares of the energy company’s stock worth $4,946,000 after buying an additional 395,746 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in Azure Power Global by 47.2% during the fourth quarter. Handelsbanken Fonder AB now owns 786,610 shares of the energy company’s stock worth $7,119,000 after buying an additional 252,097 shares during the last quarter. Hedge funds and other institutional investors own 51.79% of the company’s stock.

NYSE AZRE opened at $11.46 on Friday. Azure Power Global Ltd has a 1 year low of $8.25 and a 1 year high of $16.50. The company has a debt-to-equity ratio of 2.43, a current ratio of 2.67 and a quick ratio of 2.67. The firm has a market capitalization of $467.83 million, a PE ratio of 382.00 and a beta of 1.94.

Azure Power Global (NYSE:AZRE) last posted its earnings results on Tuesday, February 12th. The energy company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.17. Azure Power Global had a net margin of 0.24% and a return on equity of 0.81%. The firm had revenue of $34.94 million during the quarter, compared to analyst estimates of $30.70 million. Analysts forecast that Azure Power Global Ltd will post 0.12 earnings per share for the current fiscal year.

Several research analysts have weighed in on AZRE shares. Barclays started coverage on shares of Azure Power Global in a report on Monday, January 7th. They set an “equal weight” rating and a $12.00 price objective on the stock. Credit Suisse Group set a $22.00 target price on shares of Azure Power Global and gave the stock a “buy” rating in a research note on Thursday, February 14th. Finally, Zacks Investment Research upgraded shares of Azure Power Global from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Friday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $19.75.

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About Azure Power Global

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.

Further Reading: Strike Price

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Institutional Ownership by Quarter for Azure Power Global (NYSE:AZRE)

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