Azure Power Global (AZRE) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Azure Power Global (NYSE:AZRE) from a hold rating to a strong-buy rating in a report released on Monday, January 8th. The brokerage currently has $18.00 price target on the energy company’s stock.

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 raised shares of Azure Power Global from a sell rating to a hold rating in a research report on Wednesday, September 27th.

Azure Power Global (NYSE:AZRE) opened at $16.11 on Monday. Azure Power Global has a 1 year low of $12.53 and a 1 year high of $22.00. The stock has a market cap of $415.76, a PE ratio of -14.78 and a beta of 0.02. The company has a current ratio of 3.40, a quick ratio of 3.40 and a debt-to-equity ratio of 3.77.

Azure Power Global (NYSE:AZRE) last announced its quarterly earnings results on Thursday, November 9th. The energy company reported ($0.64) earnings per share for the quarter, beating the Thomson Reuters’ 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%. research analysts forecast that Azure Power Global will post -0.63 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Azure Power Global stock. Van ECK Associates Corp boosted its holdings in Azure Power Global Ltd (NYSE:AZRE) by 21.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,754 shares of the energy company’s stock after buying an additional 7,852 shares during the period. Van ECK Associates Corp owned approximately 0.17% of Azure Power Global worth $714,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 42.83% of the company’s stock.

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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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