Dr. Reddy’s Laboratories Ltd (NYSE:RDY) Short Interest Up 21.7% in December

Dr. Reddy’s Laboratories Ltd (NYSE:RDY) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totaling 12,299,530 shares, an increase of 21.7% from the December 15th total of 10,105,577 shares. Based on an average daily volume of 984,341 shares, the days-to-cover ratio is currently 12.5 days. Currently, 1.5% of the shares of the stock are sold short. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily volume of 984,341 shares, the days-to-cover ratio is currently 12.5 days.

Dr. Reddy’s Laboratories Price Performance

RDY traded down $0.17 during midday trading on Monday, hitting $12.92. The stock had a trading volume of 1,495,975 shares, compared to its average volume of 998,424. Dr. Reddy’s Laboratories has a 1 year low of $12.26 and a 1 year high of $16.17. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.35 and a current ratio of 1.85. The business has a fifty day moving average of $13.86 and a 200 day moving average of $14.13. The company has a market cap of $10.79 billion, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 6.11 and a beta of 0.37.

Dr. Reddy’s Laboratories (NYSE:RDY) last announced its quarterly earnings data on Friday, October 24th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Dr. Reddy’s Laboratories had a net margin of 17.14% and a return on equity of 17.13%. The firm had revenue of $993.72 million during the quarter, compared to analyst estimates of $944.26 million. As a group, equities analysts forecast that Dr. Reddy’s Laboratories will post 0.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut shares of Dr. Reddy’s Laboratories from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Dr. Reddy’s Laboratories has an average rating of “Moderate Buy” and an average price target of $16.90.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Abacus Wealth Partners LLC bought a new stake in shares of Dr. Reddy’s Laboratories in the 2nd quarter valued at about $233,000. GAMMA Investing LLC increased its stake in Dr. Reddy’s Laboratories by 102.8% in the 2nd quarter. GAMMA Investing LLC now owns 11,199 shares of the company’s stock worth $168,000 after purchasing an additional 5,676 shares during the period. Foster Group Inc. lifted its position in Dr. Reddy’s Laboratories by 52.8% in the second quarter. Foster Group Inc. now owns 22,673 shares of the company’s stock valued at $341,000 after purchasing an additional 7,835 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of Dr. Reddy’s Laboratories by 93.3% during the second quarter. Ballentine Partners LLC now owns 145,218 shares of the company’s stock valued at $2,183,000 after purchasing an additional 70,110 shares during the period. Finally, Augustine Asset Management Inc. boosted its stake in shares of Dr. Reddy’s Laboratories by 0.8% during the second quarter. Augustine Asset Management Inc. now owns 251,202 shares of the company’s stock valued at $3,776,000 after purchasing an additional 2,046 shares during the period. Hedge funds and other institutional investors own 3.85% of the company’s stock.

Dr. Reddy’s Laboratories Company Profile

Dr. Reddy’s Laboratories Ltd. is an India‐based multinational pharmaceutical company that develops, manufactures and markets a wide range of pharmaceutical products and services. Established in 1984 by the late Dr. Kallam Anji Reddy, the company has grown into a diversified healthcare enterprise offering generic and proprietary medicines, active pharmaceutical ingredients (APIs), biosimilars and custom research and manufacturing services (CRAMS). Its portfolio spans therapeutic areas such as oncology, cardiovascular care, dermatology, gastroenterology and pain management.

The company’s core activities include the development and commercialization of cost‐effective generic treatments for branded drugs that have lost patent protection, along with in‐house research into innovative molecule development.