Invesco Capital Management LLC recently announced the acquisition of new stake in Azure Power Global Limited (NYSE:AZRE). The institutional investor has increased its shareholding in the Utilities company by 2.17% to 2.4 million shares with purchase of 51090.0 shares. This fresh investment now brings its stake to 3.74% valued currently at $13.72 million. In addition, Legal & General Investment Manage raised its holdings by 1.13 million to 1.13 million shares. And SSgA Funds Management, Inc. has lifted its position by 7.94% or 61381.0 shares – to 0.83 million shares.
With over 0.34 million Azure Power Global Limited (AZRE) shares trading Tuesday and a closing price of $4.91 on the day, the dollar volume was approximately $1.67 million. The shares have shown a negative half year performance of -56.82% and its price on 01/10/23 gained nearly 4.03%. Currently, there are 64.16M common shares owned by the public and among those 64.12M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for AZRE have a consensus price objective of $5.00. The analysts have set the share’s price value over the next 12 months at a high of $5.00 and a low of $5.00. The average price target is 1.8% above its recent price level and an upside to the estimated low will see the stock gain 1.8% over that period. But an upside of 1.8% will see the stock hit the forecast high price target while median target price for the stock is $5.00.
The top 3 mutual fund holders in Azure Power Global Limited are Caisse de Dépôt & Placement du Qu, Invesco WilderHill Clean Energy E, and BNP Paribas Funds – Energy Transi. Caisse de Dépôt & Placement du Qu owns 24.94 million shares of the company’s stock, all valued at over $142.41 million. The company bought an additional 262.0 shares recently to bring their total holdings to about 38.87% of the shares outstanding. Invesco WilderHill Clean Energy E sold 30726.0 shares to see its total holdings shrink to 2.27 million shares valued at over $12.96 million and representing 3.54% of the shares outstanding. BNP Paribas Funds – Energy Transi now owns shares totaling to 2.25% of the shares outstanding.
Shares of Azure Power Global Limited (NYSE: AZRE) opened at $4.69, down -$0.03 from a prior closing price of $4.72. However, the script later moved the day high at 4.9500, up 4.03%. The company’s stock has a 5-day price change of 18.60% and -2.19% over the past three months. AZRE shares are trading 13.92% year to date (YTD), with the 12-month market performance down to -70.26% lower. It has a 12-month low price of $3.26 and touched a high of $21.53 over the same period. AZRE has an average intraday trading volume of 355.98K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.69%, -4.98%, and -48.94% respectively.
Institutional ownership of Azure Power Global Limited (NYSE: AZRE) shares accounts for 98.60% of the company’s 64.16M shares outstanding. Mutual fund holders own 39.42%, while other institutional holders and individual stakeholders account for 53.42% and — respectively.
It has a market capitalization of $287.09M and a beta (3y monthly) value of 0.76. The earnings-per-share (ttm) stands at -$0.76. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.11% over the week and 8.74% over the month.
Analysts forecast that Azure Power Global Limited (AZRE) will achieve an EPS of $0.13 for the current quarter, $0.22 for the next quarter and $0.96 for 2023. The lowest estimate earnings-per-share for the quarter is $0.13 while analysts give the company a high EPS estimate of $0.13. Comparatively, EPS for the current quarter was $0.13 a year ago.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Azure Power Global Limited (AZRE) as a “Hold” at a consensus score of 3.50. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 1 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AZRE, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Sector Perform rating for the stock in a research note on September 02, 2022, with the firm’s price target at $34-$5. Credit Suisse coverage for the Azure Power Global Limited (AZRE) stock in a research note released on August 30, 2022 offered a Underperform rating with a price target of $5. HSBC Securities was of a view on September 07, 2021 that the stock is Buy, while RBC Capital Mkts gave the stock Outperform rating on April 07, 2021, issuing a price target of $42. HSBC Securities on their part issued Hold rating on September 28, 2020.