Wipro Limited (NYSE:WIT) Short Interest Up 22.7% in March

Wipro Limited (NYSE:WIT) was the recipient 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. Currently, 0.6% of the company’s shares are sold short. Based on an average daily volume of 5,820,000 shares, the days-to-cover ratio is currently 11.3 days.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on WIT shares. Jefferies Financial Group lowered shares of Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research note 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 issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wipro currently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Wipro

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

Wipro Price Performance

NYSE WIT opened at $2.73 on Tuesday. The company has a market cap of $28.55 billion, a PE ratio of 18.83, a P/E/G ratio of 3.08 and a beta of 0.96. Wipro has a 52-week low of $2.55 and a 52-week high of $3.79. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. The firm’s 50 day moving average price is $3.12 and its 200-day moving average price is $4.47.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $2.62 billion during 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%. Sell-side analysts forecast that Wipro will post 0.14 EPS for the current fiscal 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.