Wipro Limited (WIT) Short Interest Down 11.0% in October
Wipro Limited (NYSE:WIT) saw a significant drop in short interest in October. As of October 13th, there was short interest totalling 27,448,547 shares, a drop of 11.0% from the September 29th total of 30,855,169 shares. Based on an average daily trading volume, of 1,117,561 shares, the short-interest ratio is presently 24.6 days.
A number of hedge funds have recently made changes to their positions in the business. Crossmark Global Holdings Inc. purchased a new stake in Wipro Limited in the 3rd quarter worth $622,000. Aperio Group LLC lifted its stake in Wipro Limited by 8.0% in the 3rd quarter. Aperio Group LLC now owns 3,172,400 shares of the information technology services provider’s stock worth $18,019,000 after purchasing an additional 233,779 shares in the last quarter. First Trust Advisors LP lifted its stake in Wipro Limited by 15.4% in the 3rd quarter. First Trust Advisors LP now owns 5,074,878 shares of the information technology services provider’s stock worth $28,825,000 after purchasing an additional 678,123 shares in the last quarter. Nationwide Fund Advisors lifted its stake in Wipro Limited by 107.8% in the 3rd quarter. Nationwide Fund Advisors now owns 55,254 shares of the information technology services provider’s stock worth $314,000 after purchasing an additional 28,658 shares in the last quarter. Finally, AIMZ Investment Advisors LLC lifted its stake in Wipro Limited by 98.0% in the 2nd quarter. AIMZ Investment Advisors LLC now owns 141,853 shares of the information technology services provider’s stock worth $738,000 after purchasing an additional 70,226 shares in the last quarter. Institutional investors and hedge funds own 2.47% of the company’s stock.
A number of brokerages recently issued reports on WIT. BidaskClub upgraded Wipro Limited from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. Bank of America Corporation increased their price objective on Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Zacks Investment Research upgraded Wipro Limited from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. BNP Paribas downgraded Wipro Limited from a “hold” rating to a “reduce” rating in a research report on Thursday, September 14th. Finally, Goldman Sachs Group, Inc. (The) downgraded Wipro Limited from a “neutral” rating to a “sell” rating in a research report on Sunday, September 17th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company. Wipro Limited has an average rating of “Hold” and an average target price of $141.50.
Wipro Limited (WIT) opened at 5.18 on Monday. Wipro Limited has a 1-year low of $4.50 and a 1-year high of $6.40. The company has a market cap of $25.10 billion, a PE ratio of 18.57 and a beta of 0.83. The company has a 50-day moving average price of $5.57 and a 200-day moving average price of $5.48.
Wipro Limited (NYSE:WIT) last released its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.17 billion. Wipro Limited had a net margin of 15.77% and a return on equity of 16.14%. On average, analysts expect that Wipro Limited will post $0.27 EPS for the current fiscal year.
Wipro Limited announced that its Board of Directors has approved a stock repurchase program on Thursday, July 20th that authorizes the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 6.1% of its stock through a tender offer. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
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About Wipro Limited
Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.
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