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

Wipro Limited (NYSE:WIT) was the recipient of a large growth in short interest in 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. Currently, 0.6% of the shares of the stock are short sold. Based on an average trading volume of 5,820,000 shares, the days-to-cover ratio is currently 11.3 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in WIT. Vanguard Group Inc. grew its stake in shares of Wipro by 92.0% during the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider’s stock valued at $82,692,000 after acquiring an additional 11,196,013 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Wipro by 36.4% during the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider’s stock valued at $55,925,000 after purchasing an additional 4,215,981 shares in the last quarter. Schroder Investment Management Group increased its holdings in Wipro by 177.6% during the 4th quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider’s stock worth $34,280,000 after purchasing an additional 6,195,561 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Wipro by 41.5% in the 4th quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider’s stock valued at $30,956,000 after purchasing an additional 2,566,388 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Wipro by 97.9% during the 4th quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider’s stock valued at $26,636,000 after buying an additional 3,722,115 shares during the last quarter. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

Wipro Stock Down 0.9 %

Shares of NYSE:WIT traded down $0.03 during midday trading on Friday, hitting $2.71. 5,394,346 shares of the company’s stock traded hands, compared to its average volume of 5,026,590. The firm’s fifty day moving average price is $3.14 and its two-hundred day moving average price is $4.51. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. Wipro has a twelve month low of $2.55 and a twelve month high of $3.79. The company has a market cap of $28.29 billion, a PE ratio of 18.66, a P/E/G ratio of 3.08 and a beta of 0.96.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Wednesday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. The company had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $225.66 billion. Wipro had a return on equity of 15.46% and a net margin of 13.96%. On average, equities research analysts anticipate that Wipro will post 0.14 EPS for the current fiscal year.

Analysts Set New Price Targets

WIT has been the topic of several recent research reports. StockNews.com downgraded shares of Wipro from a “buy” rating to a “hold” rating in a report on Friday. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Finally, Jefferies Financial Group lowered 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 given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold”.

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.