Vedanta Ltd (NYSE:VEDL) Sees Large Growth in Short Interest

Vedanta Ltd (NYSE:VEDL) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 2,010,000 shares, a growth of 21.1% from the December 15th total of 1,660,000 shares. Based on an average daily trading volume, of 680,100 shares, the days-to-cover ratio is currently 3.0 days. Currently, 0.2% of the shares of the stock are short sold.

Several hedge funds and other institutional investors have recently made changes to their positions in VEDL. AQR Capital Management LLC lifted its stake in Vedanta by 34.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,872,476 shares of the basic materials company’s stock worth $19,043,000 after acquiring an additional 482,731 shares in the last quarter. Morgan Stanley lifted its stake in Vedanta by 548.0% in the 2nd quarter. Morgan Stanley now owns 485,209 shares of the basic materials company’s stock worth $4,935,000 after acquiring an additional 410,329 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake in Vedanta by 39.2% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,126,236 shares of the basic materials company’s stock worth $11,454,000 after acquiring an additional 317,125 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Vedanta in the 3rd quarter worth about $2,367,000. Finally, Unigestion Holding SA purchased a new stake in Vedanta in the 3rd quarter worth about $2,194,000. 3.57% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE VEDL traded up $0.07 during mid-day trading on Tuesday, hitting $9.27. 735,200 shares of the company traded hands, compared to its average volume of 630,800. Vedanta has a 1 year low of $7.04 and a 1 year high of $11.37. The stock has a market capitalization of $8.61 billion, a price-to-earnings ratio of 8.23 and a beta of 1.34. The company has a quick ratio of 0.63, a current ratio of 0.79 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average of $8.45 and a two-hundred day moving average of $8.55.

Vedanta (NYSE:VEDL) last announced its earnings results on Thursday, November 14th. The basic materials company reported $0.24 EPS for the quarter. Vedanta had a return on equity of 18.05% and a net margin of 8.48%. The business had revenue of $3.24 billion during the quarter.

Separately, ValuEngine raised Vedanta from a “hold” rating to a “buy” rating in a report on Monday, December 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Vedanta currently has a consensus rating of “Hold”.

Vedanta Company Profile

Vedanta Limited operates as a diversified natural resources company in India. The company produces oil and gas, zinc, lead, silver, iron ore, copper, and aluminum. It also operates 1,980 megawatts (MW) thermal coal-based commercial power facilities; a 600 MW thermal coal-based commercial power facility in Jharsuguda; a 600 MW thermal coal- based commercial power facility in Korba; 274 MW wind power plants; and a 100 MW power plant.

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