Analysts Expect Azure Power Global Ltd (AZRE) Will Announce Quarterly Sales of $32.57 Million

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Wall Street brokerages expect Azure Power Global Ltd (NYSE:AZRE) to announce $32.57 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Azure Power Global’s earnings. The highest sales estimate is $32.63 million and the lowest is $32.50 million. Azure Power Global reported sales of $27.93 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 16.6%. The company is expected to issue its next quarterly earnings results on Thursday, November 8th.

According to Zacks, analysts expect that Azure Power Global will report full year sales of $141.37 million for the current fiscal year, with estimates ranging from $140.13 million to $142.60 million. For the next fiscal year, analysts expect that the business will post sales of $192.87 million, with estimates ranging from $190.60 million to $195.13 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Azure Power Global.

A number of brokerages recently issued reports on AZRE. Zacks Investment Research downgraded Azure Power Global from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 9th. Janney Montgomery Scott began coverage on Azure Power Global in a research report on Friday, August 17th. They set a “buy” rating on the stock. Credit Suisse Group increased their price target on Azure Power Global from $22.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, June 18th. JMP Securities began coverage on Azure Power Global in a research report on Monday, July 30th. They set an “outperform” rating and a $26.00 price target on the stock. Finally, ValuEngine raised Azure Power Global from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $22.67.

NYSE:AZRE traded down $0.77 during trading hours on Friday, reaching $12.28. 1,238,434 shares of the company were exchanged, compared to its average volume of 35,309. The company has a market capitalization of $420.63 million, a P/E ratio of -18.89 and a beta of 1.89. Azure Power Global has a 1-year low of $11.87 and a 1-year high of $18.10. The company has a debt-to-equity ratio of 4.43, a current ratio of 3.81 and a quick ratio of 3.81.

A number of large investors have recently modified their holdings of the stock. Caisse DE Depot ET Placement DU Quebec boosted its holdings in shares of Azure Power Global by 55.1% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,443,567 shares of the energy company’s stock valued at $122,094,000 after purchasing an additional 3,000,000 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Azure Power Global by 125.0% in the 1st quarter. Handelsbanken Fonder AB now owns 534,513 shares of the energy company’s stock valued at $7,082,000 after purchasing an additional 296,972 shares in the last quarter. Perella Weinberg Partners Capital Management LP acquired a new stake in shares of Azure Power Global in the 2nd quarter valued at $1,869,000. Sei Investments Co. boosted its holdings in shares of Azure Power Global by 3,077.1% in the 1st quarter. Sei Investments Co. now owns 30,627 shares of the energy company’s stock valued at $406,000 after purchasing an additional 29,663 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Azure Power Global by 22.2% in the 2nd quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock valued at $654,000 after purchasing an additional 8,200 shares in the last quarter. 42.45% of the stock is currently owned by institutional investors and hedge funds.

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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