Azure Power Global Ltd. (NYSE:AZRE) has been given an average broker rating score of 1.00 (Strong Buy) from the two analysts that provide coverage for the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy rating.
Brokerages have set a 12 month consensus price target of $22.50 for the company and are forecasting that the company will post $0.12 EPS for the current quarter, according to Zacks. Zacks has also given Azure Power Global an industry rank of 103 out of 265 based on the ratings given to related companies.
Separately, Zacks Investment Research raised Azure Power Global from a “sell” rating to a “hold” rating in a report on Tuesday, April 11th.
Shares of Azure Power Global (AZRE) traded up 7.91% during trading on Wednesday, reaching $15.89. The company’s stock had a trading volume of 16,474 shares. The stock’s 50 day moving average is $16.21 and its 200 day moving average is $16.88. Azure Power Global has a one year low of $12.73 and a one year high of $22.00. The firm’s market cap is $411.79 million.
Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Monday, June 19th. The energy company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by $0.16. The business had revenue of $20.32 million for the quarter, compared to the consensus estimate of $21.50 million. Azure Power Global had a negative net margin of 34.55% and a negative return on equity of 37.63%. On average, equities analysts forecast that Azure Power Global will post $0.42 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its position in Azure Power Global by 1.8% in the first quarter. Bank of America Corp DE now owns 10,529 shares of the energy company’s stock worth $197,000 after buying an additional 190 shares in the last quarter. CAPROCK Group Inc. purchased a new position in Azure Power Global during the second quarter worth $220,000. Driehaus Capital Management LLC purchased a new position in Azure Power Global during the first quarter worth $328,000. Van ECK Associates Corp purchased a new position in Azure Power Global during the first quarter worth $670,000. Finally, Handelsbanken Fonder AB increased its position in Azure Power Global by 74.1% in the first quarter. Handelsbanken Fonder AB now owns 79,583 shares of the energy company’s stock worth $1,485,000 after buying an additional 33,883 shares in the last quarter. 45.50% of the stock is currently owned by institutional investors.
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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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