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

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. Currently, 1.5% of the shares of the company are sold short. Based on an average daily volume of 984,341 shares, the days-to-cover ratio is presently 12.5 days. Based on an average daily volume of 984,341 shares, the days-to-cover ratio is presently 12.5 days. Currently, 1.5% of the shares of the company are sold short.

Analysts Set New Price Targets

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

Dr. Reddy’s Laboratories Price Performance

RDY traded down $0.17 during trading on Monday, reaching $12.92. 1,495,975 shares of the company were exchanged, compared to its average volume of 998,424. Dr. Reddy’s Laboratories has a 12-month low of $12.26 and a 12-month high of $16.17. The company’s 50-day moving average is $13.86 and its two-hundred day moving average is $14.13. The company has a quick ratio of 1.35, a current ratio of 1.85 and a debt-to-equity ratio of 0.03. The company has a market cap of $10.79 billion, a price-to-earnings ratio of 15.95, a P/E/G ratio of 6.11 and a beta of 0.37.

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Ascent Group LLC increased its holdings in shares of Dr. Reddy’s Laboratories by 7.4% in the second quarter. Ascent Group LLC now owns 10,885 shares of the company’s stock worth $164,000 after purchasing an additional 754 shares during the period. Summit Global Investments increased its stake in Dr. Reddy’s Laboratories by 0.7% in the 3rd quarter. Summit Global Investments now owns 124,364 shares of the company’s stock worth $1,739,000 after acquiring an additional 856 shares during the last quarter. Compound Planning Inc. raised its holdings in shares of Dr. Reddy’s Laboratories by 7.5% in the 3rd quarter. Compound Planning Inc. now owns 12,797 shares of the company’s stock valued at $179,000 after acquiring an additional 894 shares in the last quarter. Groupama Asset Managment raised its holdings in shares of Dr. Reddy’s Laboratories by 1.8% in the 2nd quarter. Groupama Asset Managment now owns 54,507 shares of the company’s stock valued at $821,000 after acquiring an additional 948 shares in the last quarter. Finally, Assetmark Inc. boosted its position in shares of Dr. Reddy’s Laboratories by 5.2% during the 3rd quarter. Assetmark Inc. now owns 19,837 shares of the company’s stock valued at $277,000 after acquiring an additional 988 shares during the last quarter. 3.85% of the stock is owned by institutional investors.

About Dr. Reddy’s Laboratories

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.