Azure Power Global Ltd (AZRE) Receives Consensus Rating of “Strong Buy” from Brokerages

Shares of Azure Power Global Ltd (NYSE:AZRE) have earned 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 research analysts have rated the stock with a strong buy recommendation.

Analysts have set a twelve-month consensus price target of $22.50 for the company and are anticipating that the company will post ($0.02) EPS for the current quarter, according to Zacks. Zacks has also assigned Azure Power Global an industry rank of 244 out of 265 based on the ratings given to related companies.

A number of equities analysts have recently commented on AZRE shares. Zacks Investment Research upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a report on Friday, March 10th. Roth Capital set a $22.00 price target on shares of Azure Power Global and gave the stock a “buy” rating in a report on Monday, February 6th.

Azure Power Global (NYSE:AZRE) traded up 2.07% on Monday, reaching $18.70. The company’s stock had a trading volume of 646 shares. Azure Power Global has a 52 week low of $12.73 and a 52 week high of $22.00. The stock’s 50 day moving average is $17.70 and its 200-day moving average is $17.11. The firm’s market capitalization is $426.32 million.

Azure Power Global (NYSE:AZRE) last issued its quarterly earnings results on Monday, February 13th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by $0.20. Analysts predict that Azure Power Global will post ($0.85) EPS for the current year.

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An institutional investor recently bought a new position in Azure Power Global stock. Luminus Management LLC bought a new position in Azure Power Global Ltd (NYSE:AZRE) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 144,200 shares of the company’s stock, valued at approximately $2,451,000. Luminus Management LLC owned about 0.63% of Azure Power Global at the end of the most recent reporting period. 0.01% of the stock is currently owned by institutional investors.

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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