HDFC Bank Short Interest Drops 21.8% to 8.14M Shares Ahead of Q1 Earnings
HDFC Bank’s short interest fell 21.8% in March to 8.14 million shares, and its stock trades below the 50-day and 200-day averages at $26.78. The bank is due to report Q1 results with consensus EPS of $0.39 and revenue of $5.1 billion, while Weiss Ratings cut its rating to sell.
1. Sharp Drop in Short Interest
HDFC Bank’s short interest fell 21.8% in March, decreasing from 10.41 million shares to 8.14 million shares, indicating reduced bearish bets on the stock.
2. Stock Trading Below Key Averages
The stock opened at $26.78, trading below its 50-day moving average of $29.24 and its 200-day moving average of $33.10. HDFC Bank has a market capitalization of $136.62 billion, a trailing P/E ratio of 18.12, a price-to-sales ratio of 2.88 and an earnings yield of 5.52%.
3. Upcoming Earnings and Rating Downgrade
HDFC Bank will report first-quarter earnings on April 17 with consensus estimates at $0.39 EPS and $5.1 billion in revenue. Weiss Ratings downgraded the shares from hold to sell, and a recent filing shows a congressional sale of bank shares valued between $1,000 and $15,000.