Azure Power Global (NYSE:AZRE) Hits New 12-Month High at $31.53

Azure Power Global Ltd (NYSE:AZRE)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $31.53 and last traded at $30.57, with a volume of 328 shares traded. The stock had previously closed at $28.94.

AZRE has been the subject of several recent research reports. Zacks Investment Research raised shares of Azure Power Global from a “sell” rating to a “hold” rating and set a $25.00 target price for the company in a research report on Tuesday, August 18th. ValuEngine raised shares of Azure Power Global from a “hold” rating to a “buy” rating in a research report on Monday, August 3rd. Credit Suisse Group reissued a “buy” rating and set a $23.00 target price on shares of Azure Power Global in a research report on Tuesday, June 16th. Barclays upped their price objective on shares of Azure Power Global from $22.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Finally, TheStreet raised shares of Azure Power Global from a “d+” rating to a “c-” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $23.64.

The company has a debt-to-equity ratio of 3.35, a current ratio of 2.37 and a quick ratio of 2.37. The stock’s 50 day simple moving average is $23.03 and its two-hundred day simple moving average is $17.44.

Azure Power Global (NYSE:AZRE) last released its earnings results on Thursday, August 13th. The energy company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.30. The firm had revenue of $52.20 million for the quarter, compared to analysts’ expectations of $50.50 million. Azure Power Global had a negative net margin of 18.28% and a negative return on equity of 6.33%. As a group, equities research analysts anticipate that Azure Power Global Ltd will post -0.31 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AZRE. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Azure Power Global by 3.0% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 24,259,272 shares of the energy company’s stock valued at $280,195,000 after buying an additional 717,701 shares in the last quarter. Morgan Stanley lifted its stake in shares of Azure Power Global by 16.7% during the 1st quarter. Morgan Stanley now owns 3,097,137 shares of the energy company’s stock valued at $47,386,000 after buying an additional 444,091 shares in the last quarter. Jefferies Group LLC lifted its stake in shares of Azure Power Global by 6.8% during the 2nd quarter. Jefferies Group LLC now owns 897,124 shares of the energy company’s stock valued at $14,318,000 after buying an additional 57,466 shares in the last quarter. Arosa Capital Management LP lifted its stake in shares of Azure Power Global by 14.3% during the 2nd quarter. Arosa Capital Management LP now owns 200,000 shares of the energy company’s stock valued at $3,192,000 after buying an additional 25,000 shares in the last quarter. Finally, Invesco Ltd. purchased a new stake in shares of Azure Power Global during the 1st quarter valued at approximately $2,370,000. Hedge funds and other institutional investors own 63.32% of the company’s stock.

About Azure Power Global (NYSE:AZRE)

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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