Short Interest in Azure Power Global Limited (NYSE:AZRE) Declines By 16.5%

Posted by on Jun 1st, 2022

Azure Power Global Limited (NYSE:AZRE – Get Rating) was the target of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 1,620,000 shares, a drop of 16.5% from the April 30th total of 1,940,000 shares. Based on an average daily trading volume, of 202,800 shares, the short-interest ratio is currently 8.0 days.

Shares of AZRE stock traded down $0.69 during midday trading on Wednesday, reaching $14.17. 1,949 shares of the company traded hands, compared to its average volume of 120,531. The firm’s 50 day simple moving average is $15.08 and its two-hundred day simple moving average is $16.71. Azure Power Global has a 1-year low of $11.11 and a 1-year high of $28.14. The company has a debt-to-equity ratio of 3.87, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a market cap of $684.84 million, a PE ratio of -17.28 and a beta of 0.80.

Several research firms have recently commented on AZRE. Zacks Investment Research lowered Azure Power Global from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. StockNews.com upgraded Azure Power Global from a “sell” rating to a “hold” rating in a research note on Wednesday, March 30th. Finally, Royal Bank of Canada cut their price target on Azure Power Global from $39.00 to $34.00 and set an “outperform” rating on the stock in a research note on Thursday, March 3rd. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $29.90.

Several hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC lifted its position in shares of Azure Power Global by 24.1% during the 3rd quarter. Cubist Systematic Strategies LLC now owns 2,455 shares of the energy company’s stock valued at $54,000 after acquiring an additional 476 shares during the period. Wells Fargo & Company MN raised its position in shares of Azure Power Global by 29.9% during the 2nd quarter. Wells Fargo & Company MN now owns 3,480 shares of the energy company’s stock worth $94,000 after purchasing an additional 800 shares during the last quarter. Green Alpha Advisors LLC raised its position in shares of Azure Power Global by 2.4% during the 4th quarter. Green Alpha Advisors LLC now owns 40,110 shares of the energy company’s stock worth $728,000 after purchasing an additional 934 shares during the last quarter. Shay Capital LLC raised its position in shares of Azure Power Global by 10.5% during the 4th quarter. Shay Capital LLC now owns 10,533 shares of the energy company’s stock worth $191,000 after purchasing an additional 1,000 shares during the last quarter. Finally, GSA Capital Partners LLP raised its position in shares of Azure Power Global by 3.3% during the 3rd quarter. GSA Capital Partners LLP now owns 48,925 shares of the energy company’s stock worth $1,076,000 after purchasing an additional 1,577 shares during the last quarter.

Azure Power Global Company Profile (Get Rating)

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of renewable energy projects 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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