Azure Power Global Ltd (NYSE:AZRE) Short Interest Update

Azure Power Global Ltd (NYSE:AZRE) saw a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 7,400 shares, an increase of 57.4% from the May 15th total of 4,700 shares. Based on an average daily volume of 22,100 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.0% of the shares of the company are short sold.

AZRE remained flat at $$10.70 during trading on Friday. The company’s stock had a trading volume of 1,136 shares, compared to its average volume of 16,614. Azure Power Global has a 12 month low of $8.25 and a 12 month high of $16.50. The stock’s 50-day moving average price is $10.98. The stock has a market capitalization of $439.13 million, a P/E ratio of 82.31 and a beta of 1.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 2.43.

Azure Power Global (NYSE:AZRE) last posted its quarterly earnings results on Monday, June 10th. The energy company reported $0.08 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.01). Azure Power Global had a net margin of 0.93% and a return on equity of 1.70%. The company had revenue of $41.17 million for the quarter, compared to analyst estimates of $41.80 million. Equities research analysts forecast that Azure Power Global will post 0.29 EPS for the current fiscal year.

Several brokerages have issued reports on AZRE. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. JMP Securities lowered their price target on Azure Power Global from $31.00 to $26.00 and set a “market outperform” rating on the stock in a report on Wednesday, June 12th. Finally, Zacks Investment Research lowered Essential Properties Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday, June 13th. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Azure Power Global has a consensus rating of “Buy” and an average target price of $18.50.

Several institutional investors have recently modified their holdings of the stock. Kayne Anderson Capital Advisors LP acquired a new position in shares of Azure Power Global during the 4th quarter worth approximately $718,000. Millennium Management LLC raised its position in shares of Azure Power Global by 1,647.8% during the 4th quarter. Millennium Management LLC now owns 329,730 shares of the energy company’s stock worth $2,984,000 after purchasing an additional 310,865 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in shares of Azure Power Global by 3.7% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,048,065 shares of the energy company’s stock worth $213,055,000 after purchasing an additional 604,498 shares during the last quarter. Hedge funds and other institutional investors own 51.84% of the company’s stock.

About Azure Power Global

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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