CAPROCK Group Inc. Buys New Stake in Azure Power Global Ltd. (AZRE)
CAPROCK Group Inc. bought a new stake in Azure Power Global Ltd. (NYSE:AZRE) during the second quarter, Holdings Channel reports. The firm bought 13,512 shares of the energy company’s stock, valued at approximately $220,000.
A number of other institutional investors have also recently bought and sold shares of AZRE. Essex Investment Management Co. LLC raised its stake in Azure Power Global by 303.7% in the first quarter. Essex Investment Management Co. LLC now owns 193,656 shares of the energy company’s stock worth $3,614,000 after buying an additional 145,691 shares in the last quarter. Morgan Stanley raised its stake in Azure Power Global by 7.9% in the first quarter. Morgan Stanley now owns 652,261 shares of the energy company’s stock worth $12,171,000 after buying an additional 47,731 shares in the last quarter. Van ECK Associates Corp bought a new stake in Azure Power Global during the first quarter worth about $670,000. Handelsbanken Fonder AB raised its stake in Azure Power Global by 74.1% in the first quarter. Handelsbanken Fonder AB now owns 79,583 shares of the energy company’s stock worth $1,485,000 after buying an additional 33,883 shares in the last quarter. Finally, Driehaus Capital Management LLC bought a new stake in Azure Power Global during the first quarter worth about $328,000. 45.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Azure Power Global Ltd. (NYSE:AZRE) opened at 14.74 on Tuesday. The firm’s market cap is $381.99 million. The firm has a 50-day moving average price of $16.31 and a 200-day moving average price of $16.93. Azure Power Global Ltd. has a 52-week low of $12.73 and a 52-week high of $22.00.
Azure Power Global (NYSE:AZRE) last issued its quarterly earnings data on Monday, June 19th. The energy company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by $0.16. The company had revenue of $20.32 million for the quarter, compared to analyst estimates of $21.50 million. Azure Power Global had a negative return on equity of 37.63% and a negative net margin of 34.55%. Analysts predict that Azure Power Global Ltd. will post $0.42 EPS for the current fiscal year.
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Separately, Zacks Investment Research raised Azure Power Global from a “sell” rating to a “hold” rating in a research report on Tuesday, April 11th.
Azure Power Global Company Profile
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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