ICICI Bank (NYSE:IBN) Shares Gap Down – What’s Next?

ICICI Bank Limited (NYSE:IBN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $28.17, but opened at $27.52. ICICI Bank shares last traded at $27.62, with a volume of 620,525 shares.

ICICI Bank Stock Down 2.0 %

The firm’s 50-day moving average price is $30.11 and its 200 day moving average price is $29.62. The firm has a market capitalization of $97.40 billion, a price-to-earnings ratio of 18.78, a price-to-earnings-growth ratio of 1.69 and a beta of 0.99. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.00 and a quick ratio of 1.00.

Hedge Funds Weigh In On ICICI Bank

Several large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its position in shares of ICICI Bank by 19.2% in the third quarter. JPMorgan Chase & Co. now owns 18,269,477 shares of the bank’s stock worth $545,344,000 after acquiring an additional 2,947,508 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in ICICI Bank by 0.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 15,259,276 shares of the bank’s stock worth $455,489,000 after buying an additional 81,104 shares during the period. State Street Corp boosted its position in ICICI Bank by 1.8% in the 3rd quarter. State Street Corp now owns 7,779,260 shares of the bank’s stock valued at $232,211,000 after buying an additional 134,697 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of ICICI Bank by 10.3% during the third quarter. Daiwa Securities Group Inc. now owns 6,807,165 shares of the bank’s stock valued at $203,193,000 after acquiring an additional 637,226 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its position in shares of ICICI Bank by 8.4% during the second quarter. Driehaus Capital Management LLC now owns 6,364,221 shares of the bank’s stock worth $183,353,000 after acquiring an additional 490,892 shares during the last quarter. 18.18% of the stock is currently owned by hedge funds and other institutional investors.

About ICICI Bank

ICICI Bank Limited provides various banking products and services in India and internationally. It operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, and Others segments. The company offers savings, salary, pension, current, and other accounts; and time, fixed, recurring, and security deposits services.