Wipro Limited (NYSE:WIT) Short Interest Update

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in Wipro by 17.3% during the 4th quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider’s stock valued at $80,000 after buying an additional 4,153 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Wipro by 19.3% in the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock worth $82,000 after buying an additional 4,403 shares in the last quarter. Lido Advisors LLC lifted its holdings in shares of Wipro by 11.7% in the fourth quarter. Lido Advisors LLC now owns 42,485 shares of the information technology services provider’s stock worth $118,000 after buying an additional 4,454 shares in the last quarter. Fragasso Financial Advisors Inc boosted its position in shares of Wipro by 30.5% during the third quarter. Fragasso Financial Advisors Inc now owns 19,317 shares of the information technology services provider’s stock worth $51,000 after acquiring an additional 4,511 shares during the last quarter. Finally, Diversified Trust Co grew its stake in Wipro by 6.5% during the third quarter. Diversified Trust Co now owns 82,813 shares of the information technology services provider’s stock valued at $218,000 after acquiring an additional 5,036 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a report 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. According to data from MarketBeat.com, Wipro presently has an average rating of “Reduce”.

Wipro Stock Performance

Shares of WIT stock opened at $2.09 on Friday. The stock has a fifty day simple moving average of $2.35 and a two-hundred day simple moving average of $2.62. The firm has a market capitalization of $21.84 billion, a PE ratio of 14.89, a PEG ratio of 5.85 and a beta of 1.07. Wipro has a 52-week low of $2.05 and a 52-week high of $3.13.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, meeting 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 return on equity of 15.35% and a net margin of 14.61%. On average, sell-side analysts forecast that Wipro will post 0.14 EPS for the current fiscal year.

Wipro Company Profile

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.