Vedanta Ltd. (VEDL) Lifted to Buy at Citigroup Inc.
Vedanta Ltd. (NYSE:VEDL) was upgraded by equities researchers at Citigroup Inc. from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday.
Separately, Credit Agricole SA raised Vedanta from a “sell” rating to a “buy” rating in a report on Thursday, June 9th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $6.25.
Vedanta (NYSE:VEDL) traded down 0.77% during trading on Wednesday, reaching $11.63. The company’s stock had a trading volume of 96,909 shares. The firm has a 50-day moving average price of $10.27 and a 200-day moving average price of $8.05. The firm’s market capitalization is $8.62 billion. Vedanta has a 52 week low of $3.52 and a 52 week high of $11.83.
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A number of institutional investors have recently modified their holdings of VEDL. JPMorgan Chase & Co. raised its position in shares of Vedanta by 9,622.3% in the first quarter. JPMorgan Chase & Co. now owns 315,391 shares of the company’s stock worth $1,734,000 after buying an additional 312,147 shares during the period. Renaissance Technologies LLC raised its position in shares of Vedanta by 99.4% in the first quarter. Renaissance Technologies LLC now owns 181,100 shares of the company’s stock worth $996,000 after buying an additional 90,300 shares during the period. Prudential Financial Inc. raised its position in shares of Vedanta by 8.3% in the first quarter. Prudential Financial Inc. now owns 836,307 shares of the company’s stock worth $4,600,000 after buying an additional 64,207 shares during the period. BlackRock Inc. raised its position in shares of Vedanta by 24.5% in the first quarter. BlackRock Inc. now owns 234,828 shares of the company’s stock worth $1,291,000 after buying an additional 46,180 shares during the period. Finally, HBK Investments L P raised its position in shares of Vedanta by 209.2% in the first quarter. HBK Investments L P now owns 33,700 shares of the company’s stock worth $185,000 after buying an additional 22,800 shares during the period. 3.32% of the stock is owned by institutional investors and hedge funds.
Vedanta Limited, formerly Sesa Sterlite Ltd., is an India-based global diversified natural resources company with operations across zinc, lead, silver, oil and gas, iron ore, copper, aluminum and commercial power. The Company operates through segments, including Copper, Aluminium, Iron Ore, Power and Others.
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