Azure Power Global (NYSE:AZRE) Lowered to “Strong Sell” at Zacks Investment Research

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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. “

A number of other research analysts have also commented on the company. Barclays raised Azure Power Global from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $13.00 to $19.00 in a report on Friday, November 8th. ValuEngine lowered Azure Power Global from a “buy” rating to a “hold” rating in a report on Wednesday, September 4th. Finally, HSBC assumed coverage on Azure Power Global in a report on Thursday, October 17th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $20.00.

AZRE stock traded down $0.10 during mid-day trading on Wednesday, reaching $12.90. The company had a trading volume of 5,379 shares, compared to its average volume of 10,446. The company has a quick ratio of 1.19, a current ratio of 1.34 and a debt-to-equity ratio of 3.41. The stock has a market capitalization of $533.52 million, a P/E ratio of 99.23 and a beta of 1.32. Azure Power Global has a one year low of $8.25 and a one year high of $13.38. The stock’s 50-day simple moving average is $12.54 and its two-hundred day simple moving average is $11.38.

Several institutional investors and hedge funds have recently modified their holdings of AZRE. Morgan Stanley increased its holdings in shares of Azure Power Global by 16.2% during the second quarter. Morgan Stanley now owns 1,791,165 shares of the energy company’s stock valued at $18,897,000 after purchasing an additional 249,663 shares during the period. Kayne Anderson Capital Advisors LP grew its holdings in Azure Power Global by 64.9% during the third quarter. Kayne Anderson Capital Advisors LP now owns 72,700 shares of the energy company’s stock worth $872,000 after acquiring an additional 28,600 shares during the period. Renaissance Technologies LLC grew its holdings in 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 acquiring an additional 27,901 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Azure Power Global by 16.3% during the second quarter. Wells Fargo & Company MN now owns 15,065 shares of the energy company’s stock worth $159,000 after acquiring an additional 2,110 shares during the period. 51.62% of the stock is currently owned by institutional investors.

About Azure Power Global

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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