Dr. Reddy’s Laboratories (NYSE:RDY) Shares Cross Above 200 Day Moving Average – Here’s Why

Shares of Dr. Reddy’s Laboratories Limited (NYSE:RDY) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.49 and traded as high as $15.53. Dr. Reddy’s Laboratories shares last traded at $15.44, with a volume of 1,599,025 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RDY. Barclays dropped their target price on shares of Dr. Reddy’s Laboratories from $17.40 to $17.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Nomura lowered Dr. Reddy’s Laboratories from a “buy” rating to a “neutral” rating in a research note on Thursday, December 19th. Finally, StockNews.com cut Dr. Reddy’s Laboratories from a “buy” rating to a “hold” rating in a report on Friday, December 6th.

Dr. Reddy’s Laboratories Stock Down 1.5 %

The company has a current ratio of 1.92, a quick ratio of 1.36 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average price is $14.78 and its 200-day moving average price is $15.50. The company has a market cap of $12.89 billion, a price-to-earnings ratio of 24.66 and a beta of 0.53.

Institutional Investors Weigh In On Dr. Reddy’s Laboratories

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC raised its stake in shares of Dr. Reddy’s Laboratories by 43.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 454 shares of the company’s stock valued at $36,000 after purchasing an additional 137 shares during the period. Venturi Wealth Management LLC acquired a new stake in Dr. Reddy’s Laboratories in the 3rd quarter valued at approximately $60,000. Van ECK Associates Corp lifted its stake in Dr. Reddy’s Laboratories by 64.3% in the 3rd quarter. Van ECK Associates Corp now owns 823 shares of the company’s stock valued at $64,000 after acquiring an additional 322 shares in the last quarter. GAMMA Investing LLC boosted its position in Dr. Reddy’s Laboratories by 83.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,447 shares of the company’s stock worth $115,000 after acquiring an additional 657 shares during the last quarter. Finally, Glenmede Trust Co. NA bought a new position in shares of Dr. Reddy’s Laboratories during the 3rd quarter worth approximately $207,000. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Dr. Reddy’s Laboratories Company Profile

Dr. Reddy’s Laboratories Limited, together with its subsidiaries, operates as an integrated pharmaceutical company worldwide. It operates through Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Others segments. The company’s Global Generics segment manufactures and markets prescription and over-the-counter finished pharmaceutical products that are marketed under a brand name or as a generic finished dosages with therapeutic equivalence to branded formulations, as well as engages in the biologics business.