Zacks Investment Research upgraded shares of Azure Power (NYSE:AZRE) from a sell rating to a hold rating in a report issued on Friday.
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. “
Shares of NYSE:AZRE opened at $14.10 on Friday. The firm has a market cap of $370.29, a P/E ratio of -8.20 and a beta of 1.98. The company has a quick ratio of 3.65, a current ratio of 3.65 and a debt-to-equity ratio of 3.90. Azure Power has a 1-year low of $12.53 and a 1-year high of $18.50.
A number of large investors have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new stake in Azure Power during the 4th quarter worth $388,000. Caisse DE Depot ET Placement DU Quebec boosted its stake in Azure Power by 1.4% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,443,567 shares of the energy company’s stock worth $77,299,000 after purchasing an additional 76,900 shares during the period. Finally, Handelsbanken Fonder AB boosted its stake in Azure Power by 87.3% during the 4th quarter. Handelsbanken Fonder AB now owns 237,541 shares of the energy company’s stock worth $3,373,000 after purchasing an additional 110,727 shares during the period. Hedge funds and other institutional investors own 42.14% of the company’s stock.
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Azure Power Company Profile
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 entities, as well as other non-governmental energy distribution companies and commercial customers.
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