Wipro Limited (NYSE:WIT) Sees Significant Increase in Short Interest

Wipro Limited (NYSE:WIT) was the target of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 66,040,000 shares, a growth of 22.7% from the March 15th total of 53,840,000 shares. Based on an average daily volume of 5,820,000 shares, the short-interest ratio is currently 11.3 days. Approximately 0.6% of the company’s shares are sold short.

Institutional Trading of Wipro

Hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. grew its holdings in shares of Wipro by 9.1% during the third quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after buying an additional 2,951 shares during the last quarter. Ridgewood Investments LLC raised its holdings in shares of Wipro by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock worth $25,000 after acquiring an additional 3,557 shares during the last quarter. Bell Investment Advisors Inc boosted its stake in Wipro by 100.0% during the 4th quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 3,631 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Wipro by 148.3% during the 4th quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 4,851 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Wipro by 10.1% during the 4th quarter. Geode Capital Management LLC now owns 68,860 shares of the information technology services provider’s stock worth $244,000 after purchasing an additional 6,323 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. StockNews.com downgraded shares of Wipro from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Jefferies Financial Group cut shares of Wipro from a “hold” rating to an “underperform” rating in a research report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold”.

Wipro Trading Up 1.1 %

Shares of NYSE:WIT traded up $0.03 during mid-day trading on Monday, hitting $2.73. The company had a trading volume of 9,034,756 shares, compared to its average volume of 5,042,627. The company has a market capitalization of $28.55 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96. Wipro has a one year low of $2.55 and a one year high of $3.79. The firm has a fifty day moving average price of $3.14 and a 200 day moving average price of $4.49. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83.

Wipro (NYSE:WIT) last issued its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $225.66 billion. As a group, research analysts forecast that Wipro will post 0.14 EPS for the current year.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.