ICICI Bank (NYSE:IBN) Shares Gap Down – Here’s What Happened

ICICI Bank Limited (NYSE:IBN) 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 Price Performance

The stock’s fifty day moving average is $30.02 and its 200-day moving average is $29.59. The stock has a market capitalization of $97.44 billion, a PE ratio of 18.78, a P/E/G ratio of 1.66 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 hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AE Wealth Management LLC acquired a new stake in shares of ICICI Bank in the second quarter valued at about $383,000. Thrivent Financial for Lutherans raised its position in shares of ICICI Bank by 57.8% in the second quarter. Thrivent Financial for Lutherans now owns 467,718 shares of the bank’s stock valued at $13,475,000 after buying an additional 171,328 shares during the last quarter. Bank of Montreal Can raised its position in shares of ICICI Bank by 312.1% in the second quarter. Bank of Montreal Can now owns 233,033 shares of the bank’s stock valued at $6,735,000 after buying an additional 176,479 shares during the last quarter. Marshall Wace LLP raised its position in shares of ICICI Bank by 7,273.1% in the second quarter. Marshall Wace LLP now owns 2,130,832 shares of the bank’s stock valued at $61,389,000 after buying an additional 2,101,932 shares during the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of ICICI Bank by 7.4% in the second quarter. Squarepoint Ops LLC now owns 3,218,480 shares of the bank’s stock valued at $92,724,000 after buying an additional 221,529 shares during the last quarter. 18.18% of the stock is owned by hedge funds and other institutional investors.

ICICI Bank Company Profile

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.