Azure Power Global (AZRE) Rating Increased to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Azure Power Global (NYSE:AZRE) from a hold rating to a strong-buy rating in a research report report published on Monday morning. Zacks Investment Research currently has $18.00 price objective on the energy company’s stock.

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. “

Separately, BidaskClub raised Azure Power Global from a sell rating to a hold rating in a report on Wednesday, September 27th.

Shares of Azure Power Global (NYSE AZRE) traded down $0.22 during midday trading on Monday, hitting $16.00. The company had a trading volume of 2,780 shares, compared to its average volume of 10,322. The company has a current ratio of 3.40, a quick ratio of 3.40 and a debt-to-equity ratio of 3.77. Azure Power Global has a 52-week low of $12.53 and a 52-week high of $22.00. The firm has a market capitalization of $430.03 and a P/E ratio of -14.81.

A hedge fund recently raised its stake in Azure Power Global stock. Cohen & Steers Inc. increased its stake in shares of Azure Power Global Ltd (NYSE:AZRE) by 31.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 455,571 shares of the energy company’s stock after purchasing an additional 108,906 shares during the quarter. Cohen & Steers Inc. owned 1.75% of Azure Power Global worth $7,244,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 42.74% of the company’s stock.

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About Azure Power Global

Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts.

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