Dr. Reddy’s Laboratories Ltd (NYSE:RDY) Short Interest Update

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

Dr. Reddy’s Laboratories Stock Up 0.1%

Dr. Reddy’s Laboratories stock traded up $0.01 during midday trading on Tuesday, reaching $12.93. The stock had a trading volume of 1,369,114 shares, compared to its average volume of 1,336,678. 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 firm’s fifty day simple moving average is $13.86 and its 200-day simple moving average is $14.13. The stock has a market capitalization of $10.80 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 6.11 and a beta of 0.37.

Dr. Reddy’s Laboratories (NYSE:RDY) last posted its quarterly earnings data on Friday, October 24th. The company reported $0.19 earnings per share (EPS) for the quarter, beating 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 company had revenue of $993.72 million for the quarter, compared to the consensus estimate of $944.26 million. As a group, analysts expect that Dr. Reddy’s Laboratories will post 0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

A number of large investors have recently modified their holdings of RDY. Westside Investment Management Inc. bought a new position in shares of Dr. Reddy’s Laboratories during the 2nd quarter worth approximately $35,000. EverSource Wealth Advisors LLC boosted its position in Dr. Reddy’s Laboratories by 71.7% during the second quarter. EverSource Wealth Advisors LLC now owns 3,100 shares of the company’s stock worth $47,000 after purchasing an additional 1,294 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Dr. Reddy’s Laboratories by 217.4% in the third quarter. Farther Finance Advisors LLC now owns 3,568 shares of the company’s stock valued at $50,000 after purchasing an additional 2,444 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Dr. Reddy’s Laboratories in the second quarter valued at about $67,000. Finally, Allworth Financial LP raised its position in shares of Dr. Reddy’s Laboratories by 37.8% in the second quarter. Allworth Financial LP now owns 4,827 shares of the company’s stock valued at $73,000 after purchasing an additional 1,323 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered 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 issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.90.

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.