Zacks Investment Research Downgrades Azure Power Global Ltd. (AZRE) to Sell

Zacks Investment Research lowered shares of Azure Power Global Ltd. (NYSE:AZRE) from a hold rating to a sell rating in a research note released on Thursday.

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. “

Other equities analysts have also recently issued reports about the company. Roth Capital set a $22.00 target price on Azure Power Global and gave the stock a buy rating in a report on Sunday, August 20th. BidaskClub upgraded Azure Power Global from a sell rating to a hold rating in a report on Wednesday, September 27th. Two analysts have rated the stock with a sell rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $22.00.

Azure Power Global (NYSE AZRE) opened at $15.00 on Thursday. Azure Power Global has a 1 year low of $14.20 and a 1 year high of $22.00. The company has a debt-to-equity ratio of 3.77, a quick ratio of 3.40 and a current ratio of 3.40.

Azure Power Global (NYSE:AZRE) last issued its quarterly earnings results on Friday, August 11th. The energy company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.03). The firm had revenue of $29.06 million for the quarter, compared to analyst estimates of $28.50 million. Azure Power Global had a negative net margin of 29.67% and a negative return on equity of 12.48%. analysts anticipate that Azure Power Global will post -0.83 earnings per share for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of AZRE. Morgan Stanley grew its holdings in shares of Azure Power Global by 7.9% in the 1st quarter. Morgan Stanley now owns 652,261 shares of the energy company’s stock worth $12,171,000 after acquiring an additional 47,731 shares during the last quarter. Essex Investment Management Co. LLC grew its holdings in shares of Azure Power Global by 10.0% in the 2nd quarter. Essex Investment Management Co. LLC now owns 212,982 shares of the energy company’s stock worth $3,474,000 after acquiring an additional 19,326 shares during the last quarter. CAPROCK Group Inc. acquired a new position in shares of Azure Power Global in the 2nd quarter worth $220,000. Van ECK Associates Corp grew its holdings in shares of Azure Power Global by 21.9% in the 2nd quarter. Van ECK Associates Corp now owns 43,754 shares of the energy company’s stock worth $714,000 after acquiring an additional 7,852 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of Azure Power Global by 1.8% in the 1st quarter. Bank of America Corp DE now owns 10,529 shares of the energy company’s stock worth $197,000 after acquiring an additional 190 shares during the last quarter. Institutional investors and hedge funds own 42.34% of the company’s stock.

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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