Van ECK Associates Corp Takes Position in Azure Power Global Ltd. (AZRE)

Van ECK Associates Corp bought a new position in Azure Power Global Ltd. (NYSE:AZRE) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 35,902 shares of the energy company’s stock, valued at approximately $670,000.

Several other large investors have also recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its stake in shares of Azure Power Global by 74.1% in the first quarter. Handelsbanken Fonder AB now owns 79,583 shares of the energy company’s stock valued at $1,485,000 after buying an additional 33,883 shares during the period. Luminus Management LLC acquired a new stake in shares of Azure Power Global during the fourth quarter valued at approximately $2,451,000. Finally, Essex Investment Management Co. LLC raised its stake in shares of Azure Power Global by 303.7% in the first quarter. Essex Investment Management Co. LLC now owns 193,656 shares of the energy company’s stock valued at $3,614,000 after buying an additional 145,691 shares in the last quarter. Institutional investors own 45.34% of the company’s stock.

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

Azure Power Global Ltd. (AZRE) traded up 0.52% during midday trading on Tuesday, reaching $15.61. The company had a trading volume of 4,687 shares. The firm’s 50 day moving average is $16.38 and its 200 day moving average is $17.08. The stock’s market capitalization is $355.88 million. Azure Power Global Ltd. has a 1-year low of $12.73 and a 1-year high of $22.00.

Azure Power Global (NYSE:AZRE) last released its earnings results on Monday, June 19th. The energy company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by $0.16. The company had revenue of $20.32 million for the quarter, compared to analyst estimates of $21.50 million. On average, equities analysts anticipate that Azure Power Global Ltd. will post $0.45 EPS for the current fiscal year.

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Separately, Zacks Investment Research upgraded Azure Power Global from a “sell” rating to a “hold” rating in a research note on Tuesday, April 18th.

Azure Power Global Company Profile

Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts.

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