Azure Power Global (AZRE) Price Target Raised to $31.00 at JMP Securities

Azure Power Global (NYSE:AZRE) had its price objective hoisted by JMP Securities from $30.00 to $31.00 in a research report sent to investors on Friday morning. The brokerage currently has a market outperform rating on the energy company’s stock.

A number of other equities research analysts have also issued reports on AZRE. Zacks Investment Research lowered shares of Azure Power Global from a hold rating to a sell rating in a report on Wednesday, July 25th. ValuEngine raised shares of Azure Power Global from a sell rating to a hold rating in a report on Wednesday, July 25th. Janney Montgomery Scott initiated coverage on shares of Azure Power Global in a report on Friday, August 17th. They issued a buy rating for the company. Credit Suisse Group lowered shares of Azure Power Global to a buy rating and dropped their price objective for the company from $24.00 to $22.00 in a report on Tuesday, October 9th. Finally, Roth Capital reissued a buy rating on shares of Azure Power Global in a report on Thursday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $22.00.

Shares of Azure Power Global stock traded down $0.20 during trading hours on Friday, reaching $10.80. 14,480 shares of the company’s stock were exchanged, compared to its average volume of 19,499. Azure Power Global has a 1 year low of $10.09 and a 1 year high of $18.10. The firm has a market capitalization of $446.60 million, a price-to-earnings ratio of -16.62 and a beta of 2.40. The company has a quick ratio of 3.81, a current ratio of 1.45 and a debt-to-equity ratio of 5.29.

Azure Power Global (NYSE:AZRE) last announced its quarterly earnings data on Tuesday, November 13th. The energy company reported ($0.03) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.07. Azure Power Global had a negative net margin of 1.97% and a negative return on equity of 1.73%. The firm had revenue of $30.68 million during the quarter, compared to analyst estimates of $33.00 million. On average, research analysts anticipate that Azure Power Global will post -0.04 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Perella Weinberg Partners Capital Management LP lifted its position in Azure Power Global by 16.6% in the third quarter. Perella Weinberg Partners Capital Management LP now owns 150,749 shares of the energy company’s stock valued at $2,439,000 after buying an additional 21,465 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Azure Power Global by 55.1% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,443,567 shares of the energy company’s stock worth $122,094,000 after purchasing an additional 3,000,000 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Azure Power Global by 22.2% during the second quarter. Renaissance Technologies LLC now owns 45,200 shares of the energy company’s stock worth $654,000 after purchasing an additional 8,200 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Azure Power Global during the third quarter worth about $4,532,000. 27.08% of the stock is currently owned by institutional investors.

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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