5 Best Penny Stocks to Buy in September

4. Azure Power Global Limited (NYSE:AZRE)

Number of Hedge Fund Holders: 5

Azure Power Global Limited (NYSE:AZRE) is a solar company with operations in India and USA. The company is in the business of selling solar energy to federal and state government utilities at a fixed rate.

Azure Power Global Limited (NYSE:AZRE) operates roughly 45 utility-scale projects with a total output of 1,990 MW. Since its IPO in 2016, the company has been able to boost its operations at a CAGR of 43% till 2021. Moving forward, Azure Power Global Limited (NYSE:AZRE) is expected to boost operations at an average annual growth rate of 32%. The management has hinted that it would have to take on debt to fund its aggressive capital expenditure plan. The stock price of Azure Power Global Limited (NYSE:AZRE) is currently under pressure and provides investors an opportunity to buy the stock at a dip.

Renaissance Technologies raised its stake in Azure Power Global Limited (NYSE:AZRE) by 7% during Q2 2022.