Azure Power Global Limited (NYSE:AZRE) is one of the stocks that are grabbing investor focus today: skyrocketing 4.11% or (0.5 points) to $12.67 from its previous close of $12.17. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 58351 contracts so far this session. AZRE shares had a relatively better volume day versus average trading capacity of 21.74 million shares, but with a 36.26 million float and a -2.01% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for AZRE stock indicates that the average analyst price target is $21.23 per share. This means the stock has a potential increase of 67.56% from where the AZRE share price has been trading recently.
During the recent trading session for Azure Power Global Limited (NYSE:AZRE), the company witnessed their stock rise $0.58 over a week and surge $0.09 from the price 20 days ago. When compared to their established 52-week high of $13.38, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 08/11/19. The recent low of $8.6 stood for a -5.31% since 01/17/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Azure Power Global Limited, the two-week RSI stands at 52.05. This figure suggests that AZRE stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current AZRE readings is similarly very revealing as it has a stochastic reading of 38.22% at this stage. This figure means that AZRE share price today is being neutral.
Technical chart claims that Azure Power Global Limited (AZRE) would settle between $12.5/share to $12.82/share level. However, if the stock price goes below the $12.01 mark, then the market for Azure Power Global Limited becomes much weaker. If that happens, the stock price might even plunge as low as $11.84 for its downside target.
Analysts at Jefferies, assumed coverage of AZRE assigning Buy rating, according to their opinion released on November 25. HSBC Securities, analysts launched coverage of Azure Power Global Limited (NYSE:AZRE) stock with a Buy recommendation, according to their flash note issued to investors on October 17.
AZRE equity has an average rating of 1.83, with the figure leaning towards a bullish end. 5 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated Azure Power Global Limited (NYSE:AZRE) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, AZRE stock price is currently trading at 122.93X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 140.2. Azure Power Global Limited current P/B ratio of 1.7 means it is trading at a premium against its industry’s 1.7.