Azure Power Global (NYSE:AZRE) Trading 7.8% Higher

Azure Power Global Ltd (NYSE:AZRE)’s stock price traded up 7.8% on Thursday . The stock traded as high as $32.50 and last traded at $32.11. 384,282 shares were traded during trading, an increase of 618% from the average session volume of 53,550 shares. The stock had previously closed at $29.80.

Several equities analysts have weighed in on the company. JMP Securities raised their price objective on Azure Power Global from $28.00 to $38.00 in a research note on Friday, September 18th. Zacks Investment Research upgraded Azure Power Global from a “sell” rating to a “hold” rating and set a $25.00 price objective on the stock in a research note on Tuesday, August 18th. TheStreet upgraded Azure Power Global from a “d+” rating to a “c-” rating in a research note on Thursday, July 30th. Barclays lifted their target price on Azure Power Global from $22.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Finally, Credit Suisse Group reiterated a “buy” rating and set a $23.00 target price on shares of Azure Power Global in a research note on Tuesday, June 16th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $25.87.

The stock has a market capitalization of $1.54 billion, a P/E ratio of -38.21 and a beta of 0.58. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 3.35. The company has a 50-day moving average price of $26.11 and a 200 day moving average price of $18.55.

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

Several hedge funds have recently modified their holdings of AZRE. Invesco Ltd. purchased a new position in Azure Power Global in the first quarter worth approximately $2,370,000. Morgan Stanley boosted its position in shares of Azure Power Global by 16.7% during the first quarter. Morgan Stanley now owns 3,097,137 shares of the energy company’s stock worth $47,386,000 after buying an additional 444,091 shares during the period. State Street Corp boosted its position in shares of Azure Power Global by 11.1% during the first quarter. State Street Corp now owns 26,010 shares of the energy company’s stock worth $398,000 after buying an additional 2,600 shares during the period. Brookfield Asset Management Inc. purchased a new position in shares of Azure Power Global during the second quarter worth $185,000. Finally, Jefferies Group LLC boosted its position in shares of Azure Power Global by 6.8% during the second quarter. Jefferies Group LLC now owns 897,124 shares of the energy company’s stock worth $14,318,000 after buying an additional 57,466 shares during the period. 63.32% of the stock is owned by institutional investors and hedge funds.

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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