Azure Power Global (NYSE:AZRE) Downgraded to Sell at StockNews.com

StockNews.com downgraded shares of Azure Power Global (NYSE:AZRE – Get Rating) from a hold rating to a sell rating in a report issued on Thursday.

Separately, Royal Bank of Canada dropped their price target on Azure Power Global from $39.00 to $34.00 and set an outperform rating for the company in a research note on Thursday, March 3rd. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Buy and a consensus price target of $32.88.

Shares of NYSE:AZRE opened at $11.93 on Thursday. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.61 and a current ratio of 0.61. The business has a 50-day moving average of $14.30 and a two-hundred day moving average of $16.14. Azure Power Global has a 12 month low of $11.11 and a 12 month high of $28.14.

Several hedge funds and other institutional investors have recently modified their holdings of AZRE. Quantbot Technologies LP purchased a new stake in shares of Azure Power Global in the first quarter worth about $49,000. Cubist Systematic Strategies LLC boosted its position in shares of Azure Power Global by 24.1% in the third quarter. Cubist Systematic Strategies LLC now owns 2,455 shares of the energy company’s stock worth $54,000 after buying an additional 476 shares during the period. UBS Group AG purchased a new stake in shares of Azure Power Global in the third quarter worth about $58,000. Wells Fargo & Company MN boosted its position in shares of Azure Power Global by 29.9% in the second quarter. Wells Fargo & Company MN now owns 3,480 shares of the energy company’s stock worth $94,000 after buying an additional 800 shares during the period. Finally, Shay Capital LLC boosted its holdings in Azure Power Global by 10.5% in the fourth quarter. Shay Capital LLC now owns 10,533 shares of the energy company’s stock valued at $191,000 after purchasing an additional 1,000 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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