Zacks Investment Research Downgrades Azure Power Global (NYSE:AZRE) to Hold

Zacks Investment Research lowered shares of Azure Power Global (NYSE:AZRE) from a strong-buy rating to a hold rating in a research report report published on Wednesday, January 10th.

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, BidaskClub lowered shares of Azure Power Global from a hold rating to a sell rating in a research note on Friday, October 13th.

Shares of Azure Power Global (NYSE:AZRE) traded up $0.11 during midday trading on Wednesday, hitting $16.11. 4,700 shares of the stock traded hands, compared to its average volume of 9,760. The company has a market cap of $415.76, a price-to-earnings ratio of -14.78 and a beta of 0.02. The company has a quick ratio of 3.40, a current ratio of 3.40 and a debt-to-equity ratio of 3.77. Azure Power Global has a one year low of $12.53 and a one year high of $22.00.

Azure Power Global (NYSE:AZRE) last released its quarterly earnings data on Thursday, November 9th. The energy company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.31. Azure Power Global had a negative net margin of 29.67% and a negative return on equity of 12.48%. equities research analysts expect that Azure Power Global will post -0.63 EPS for the current year.

A hedge fund recently raised its stake in Azure Power Global stock. Cohen & Steers Inc. grew its holdings in Azure Power Global Ltd (NYSE:AZRE) by 31.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 455,571 shares of the energy company’s stock after purchasing an additional 108,906 shares during the period. Cohen & Steers Inc. owned about 1.75% of Azure Power Global worth $7,244,000 at the end of the most recent quarter. 42.83% of the stock is currently owned by institutional investors.

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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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