Azure Power Global Ltd (AZRE) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Azure Power Global Ltd (NYSE:AZRE) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

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. “

Separately, Roth Capital set a $22.00 price target on Azure Power Global and gave the company a buy rating in a report on Monday, February 6th.

Shares of Azure Power Global (NYSE:AZRE) opened at 16.84 on Tuesday. Azure Power Global has a 12-month low of $12.73 and a 12-month high of $22.00. The company has a 50-day moving average of $17.94 and a 200 day moving average of $17.14. The stock’s market capitalization is $383.92 million.

Azure Power Global (NYSE:AZRE) last posted its quarterly earnings results on Monday, February 13th. The energy company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.14) by $0.20. The firm earned $13.97 million during the quarter, compared to analyst estimates of $14 million. Analysts predict that Azure Power Global will post ($0.85) earnings per share for the current year.

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A hedge fund recently bought a new stake in Azure Power Global stock. Handelsbanken Fonder AB purchased a new stake in shares of Azure Power Global Ltd (NYSE:AZRE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 45,700 shares of the energy company’s stock, valued at approximately $777,000. Handelsbanken Fonder AB owned approximately 2.60% of Azure Power Global at the end of the most recent reporting period. Hedge funds and other institutional investors own 0.01% of the company’s stock.

About Azure Power Global

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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