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

Wipro Limited (NYSE:WIT) was the target of a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 86,353,097 shares, a decline of 22.0% from the February 26th total of 110,652,414 shares. Approximately 0.8% of the shares of the company are sold short. Based on an average daily trading volume, of 23,033,008 shares, the short-interest ratio is presently 3.7 days.

Analyst Ratings Changes

Separately, Morgan Stanley downgraded Wipro to an “underweight” rating in a research note on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Wipro presently has an average rating of “Reduce”.

Wipro Trading Down 0.2%

Shares of NYSE WIT opened at $2.09 on Friday. The firm has a 50 day moving average of $2.35 and a 200 day moving average of $2.62. The firm has a market capitalization of $21.84 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 5.85 and a beta of 1.07. Wipro has a 12-month low of $2.05 and a 12-month high of $3.13.

Wipro (NYSE:WIT) last released its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. Sell-side analysts predict that Wipro will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

A number of institutional investors have recently bought and sold shares of WIT. Walkner Condon Financial Advisors LLC purchased a new position in Wipro during the third quarter valued at $27,000. Interchange Capital Partners LLC purchased a new stake in Wipro in the third quarter worth about $27,000. Sapient Capital LLC bought a new position in shares of Wipro in the fourth quarter worth about $29,000. Axxcess Wealth Management LLC bought a new position in shares of Wipro in the fourth quarter worth about $29,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Wipro during the 4th quarter valued at about $29,000. 2.36% of the stock is owned by institutional investors.

About Wipro

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.