Azure Power Global (NYSE:AZRE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, 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. “
Other analysts also recently issued reports about the company. Barclays raised Azure Power Global from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $13.00 to $19.00 in a research note on Friday, November 8th. HSBC assumed coverage on shares of Azure Power Global in a report on Thursday, October 17th. They issued a “buy” rating for the company. Finally, ValuEngine cut shares of Azure Power Global from a “buy” rating to a “hold” rating in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $20.00.
NYSE:AZRE traded down $0.01 during trading hours on Wednesday, hitting $13.00. The company had a trading volume of 5,989 shares, compared to its average volume of 21,752. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 2.74. The company has a 50-day moving average of $12.50 and a 200 day moving average of $11.37. The company has a market cap of $533.93 million, a P/E ratio of 100.00 and a beta of 1.32. Azure Power Global has a 1 year low of $8.25 and a 1 year high of $13.38.
A number of institutional investors have recently modified their holdings of AZRE. Morgan Stanley lifted its holdings in shares of Azure Power Global by 16.2% in the 2nd quarter. Morgan Stanley now owns 1,791,165 shares of the energy company’s stock worth $18,897,000 after acquiring an additional 249,663 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Azure Power Global by 20.5% during the second quarter. Renaissance Technologies LLC now owns 164,161 shares of the energy company’s stock worth $1,732,000 after buying an additional 27,901 shares during the period. Kayne Anderson Capital Advisors LP grew its stake in shares of Azure Power Global by 64.9% in the third quarter. Kayne Anderson Capital Advisors LP now owns 72,700 shares of the energy company’s stock valued at $872,000 after buying an additional 28,600 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Azure Power Global by 16.3% in the 2nd quarter. Wells Fargo & Company MN now owns 15,065 shares of the energy company’s stock valued at $159,000 after buying an additional 2,110 shares during the period. Institutional investors own 51.62% 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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