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

by · The Markets Daily

Wipro Limited (NYSE:WIT – Get Free Report) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 66,040,000 shares, an increase of 22.7% from the March 15th total of 53,840,000 shares. Currently, 0.6% of the company’s stock are short sold. Based on an average daily trading volume, of 5,820,000 shares, the short-interest ratio is currently 11.3 days.

Institutional Trading of Wipro

Several institutional investors and hedge funds have recently bought and sold shares of WIT. Ridgewood Investments LLC raised its stake in Wipro by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 3,557 shares during the last quarter. Bell Investment Advisors Inc increased its stake in Wipro by 100.0% in 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 buying an additional 3,631 shares during the period. Sierra Ocean LLC purchased a new position in Wipro during the 4th quarter worth $29,000. Farther Finance Advisors LLC raised its position 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 worth $29,000 after buying an additional 4,851 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in shares of Wipro in the 4th quarter worth $35,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Stock Down 0.9 %

Shares of WIT stock traded down $0.03 on Friday, reaching $2.71. 5,394,346 shares of the stock were exchanged, compared to its average volume of 5,026,590. Wipro has a twelve month low of $2.55 and a twelve month high of $3.79. The company has a market capitalization of $28.29 billion, a price-to-earnings ratio of 18.66, a PEG ratio of 3.08 and a beta of 0.96. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The business’s 50 day moving average price is $3.14 and its 200 day moving average price is $4.51.

Wipro (NYSE:WIT – Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $225.66 billion. Wipro had a net margin of 13.96% and a return on equity of 15.46%. As a group, sell-side analysts expect that Wipro will post 0.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Check Out Our Latest Report on WIT

About Wipro

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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.

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