Research notes written by StockNews.com equity analysts were made available for public consumption on Monday, which marked the beginning of coverage of Azure Power Global (NYSE: AZRE). The company has given a “sell” recommendation to shareholders regarding the energy provider’s stock.
In recent months, AZRE has seen several adjustments implemented by various institutional investors, including hedge funds and other types. During the first three months of 2018, the Caisse de Depot et Placement du Quebec increased the amount of Azure Power Global stock that is owned by a percentage that was 41.2% higher than before. After making additional purchases totaling $9,999,691 during the most recent quarter, the Depot Caisse et Placement du Quebec now possesses 34,258,963 shares of the energy company. This brings the total number of shares that it owns to 34,258.963. The value of these shares on the market as of right now is $805,096,000. In the first three months of 2018, Invesco Ltd. increased the percentage of Azure Power Global in its portfolio by 2.9%. Invesco Ltd. now has 2,592,541 shares of the energy company’s stock after purchasing an additional 73,694 shares during the most recent quarter. The stock is currently valued at $43,139,000. Franklin Resources Inc. added 3.5% more Azure Power Global stock to its portfolio over the second quarter. Franklin Resources Inc. now owns 1,333,115 shares of the energy company after purchasing an additional 44,700 shares of the company’s stock over the past three months. The current value of the company’s stock held by Franklin Resources Inc. is $15,197,000. During the third quarter, State Street Corporation made a 7.9% purchase of additional Azure Power Group shares, bringing the total number of the company’s holdings in that company up to 100%. Following the acquisition of an additional 61,381 shares during the preceding quarter, State Street Corp. now holds 834,702 stock held by the energy company. These shares are currently valued at a combined total of $4,624,000.
Last but not least, BlackRock Inc. increased the percentage of Azure Power Group shares it owned during the first quarter by 41.5%. This was the company’s first quarterly increase in this metric. BlackRock Inc. now has a total of 786,841 shares of the energy company’s stock, worth a combined total of $13,093,000 after purchasing an additional 230,882 shares during the most recent period. This brings the total number of shares owned by BlackRock Inc. to a total of 786,841.
When trading started on Monday, a share of Azure Power Global was $4.31. The value of the stock’s 50-day moving average is currently sitting at $5.24, while the value of the stock’s 200-day moving average is currently sitting at $7.59. The company’s current market capitalization value is $208.32 million, with a price-to-earnings ratio of -5.01 and a beta value of 0.72. The lowest price that Azure Power Global has traded at in the past 52 weeks is $3.26, while the company’s all-time high price is $21.53.
Not only is Azure Power Global Limited a provider of electricity in India, but it is also an independent provider of a variety of solutions related to greener forms of energy. Azure Power Global Limited was founded in 2010. Long-term fixed-price contracts are made with independent industrial and commercial customers and public utilities for purchasing renewable energy produced by grid-scale solar, wind, and hybrid projects that are developed and managed by the company. These projects include solar farms, wind farms, and hybrid solar-wind farms.