Short Interest in HDFC Bank Limited (NYSE:HDB) Increases By 72.2%

HDFC Bank Limited (NYSE:HDB) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totaling 19,902,328 shares, an increase of 72.2% from the April 30th total of 11,557,252 shares. Based on an average trading volume of 7,250,831 shares, the days-to-cover ratio is presently 2.7 days. Currently, 0.4% of the company’s shares are sold short.

HDFC Bank Stock Up 0.1%

Shares of HDFC Bank stock opened at $23.58 on Thursday. The stock’s 50-day simple moving average is $25.18 and its 200-day simple moving average is $30.53. HDFC Bank has a 52 week low of $23.31 and a 52 week high of $39.81. The company has a market capitalization of $120.27 billion, a price-to-earnings ratio of 14.12, a PEG ratio of 1.09 and a beta of 0.65.

Insider Activity at HDFC Bank

In related news, insider Ashish Parthasarthy sold 6,000 shares of the company’s stock in a transaction on Tuesday, April 21st. The shares were sold at an average price of $8.94, for a total transaction of $53,640.00. Following the completion of the sale, the insider directly owned 848,558 shares in the company, valued at $7,586,108.52. This represents a 0.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider N Srinivasan sold 10,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $8.72, for a total value of $87,200.00. Following the completion of the sale, the insider owned 638,422 shares of the company’s stock, valued at approximately $5,567,039.84. This trade represents a 1.54% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 31,600 shares of company stock worth $271,660. 1.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Larson Financial Group LLC boosted its holdings in shares of HDFC Bank by 90.4% in the third quarter. Larson Financial Group LLC now owns 849 shares of the bank’s stock valued at $29,000 after purchasing an additional 403 shares during the period. Accent Capital Management LLC boosted its holdings in shares of HDFC Bank by 100.0% in the third quarter. Accent Capital Management LLC now owns 918 shares of the bank’s stock valued at $31,000 after purchasing an additional 459 shares during the period. Clearstead Advisors LLC boosted its holdings in shares of HDFC Bank by 476.8% in the third quarter. Clearstead Advisors LLC now owns 894 shares of the bank’s stock valued at $31,000 after purchasing an additional 739 shares during the period. Axiom Investment Management LLC purchased a new stake in shares of HDFC Bank in the first quarter valued at approximately $32,000. Finally, Bell Investment Advisors Inc boosted its holdings in shares of HDFC Bank by 260.9% in the first quarter. Bell Investment Advisors Inc now owns 1,386 shares of the bank’s stock valued at $34,000 after purchasing an additional 1,002 shares during the period. Institutional investors own 17.61% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings lowered HDFC Bank from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, March 6th. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce”.

About HDFC Bank

HDFC Bank Limited is one of India’s leading private sector banks, headquartered in Mumbai. Incorporated in 1994 and promoted by Housing Development Finance Corporation (HDFC), the bank provides a full range of banking and financial services to retail, small and medium-sized enterprises, and corporate customers. It is publicly listed and also accessible to international investors through American Depositary Receipts (ADRs) trading on the New York Stock Exchange under the symbol HDB.

The bank’s core activities include retail banking (deposit accounts, personal loans, home loans, auto loans, and credit cards), commercial and corporate banking (working capital finance, term lending, trade finance and treasury services), and transaction banking (cash management and payment solutions).