Azure Power Global (NYSE:AZRE) Shares Gap Down to $20.49

Shares of Azure Power Global Limited (NYSE:AZRE) gapped down prior to trading on Monday . The stock had previously closed at $20.49, but opened at $20.00. Azure Power Global shares last traded at $20.01, with a volume of 2,733 shares changing hands.

Several research firms recently issued reports on AZRE. Zacks Investment Research upgraded shares of Azure Power Global from a “sell” rating to a “hold” rating in a report on Monday, June 14th. HSBC upgraded shares of Azure Power Global from a “hold” rating to a “buy” rating and set a $27.50 price objective on the stock in a report on Tuesday, September 7th. Roth Capital dropped their price objective on shares of Azure Power Global from $53.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, September 1st. Finally, Barclays dropped their price objective on shares of Azure Power Global from $37.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday, September 1st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Azure Power Global has an average rating of “Buy” and a consensus target price of $33.58.

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.62. The firm’s 50-day moving average price is $22.56 and its 200 day moving average price is $23.74. The company has a market capitalization of $1.00 billion, a P/E ratio of -20.29 and a beta of 0.72.

Azure Power Global (NYSE:AZRE) last posted its earnings results on Sunday, August 29th. The energy company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.02 by $0.18. Azure Power Global had a negative net margin of 22.67% and a negative return on equity of 3.76%. As a group, equities research analysts expect that Azure Power Global Limited will post 0.05 EPS for the current year.

Large investors have recently bought and sold shares of the company. Invesco Ltd. grew its position in Azure Power Global by 4.1% in the 2nd quarter. Invesco Ltd. now owns 3,113,116 shares of the energy company’s stock worth $83,806,000 after purchasing an additional 122,168 shares in the last quarter. Franklin Resources Inc. grew its position in Azure Power Global by 45.6% in the 2nd quarter. Franklin Resources Inc. now owns 881,522 shares of the energy company’s stock worth $23,731,000 after purchasing an additional 276,200 shares in the last quarter. abrdn plc bought a new stake in Azure Power Global in the 2nd quarter worth about $18,581,000. State Street Corp grew its position in Azure Power Global by 81.7% in the 2nd quarter. State Street Corp now owns 576,168 shares of the energy company’s stock worth $15,510,000 after purchasing an additional 259,150 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Azure Power Global by 28.9% in the 2nd quarter. First Trust Advisors LP now owns 572,310 shares of the energy company’s stock worth $15,407,000 after purchasing an additional 128,354 shares in the last quarter. 73.78% of the stock is owned by institutional investors.

Azure Power Global Company Profile (NYSE:AZRE)

Azure Power Global Ltd. is a holding company, which engages in the development, production, and sale of solar energy. It offers services to government utilities; and independent industrial and commercial customers. The company was founded by Harkanwal Singh Wadhwa and Inderpreet Singh Wadhwa in 2008 and is headquartered in New Delhi, India.

Read More: What is the Fibonacci sequence?

Receive News & Ratings for Azure Power Global Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Azure Power Global and related companies with MarketBeat.com's FREE daily email newsletter.