Wipro Limited (NYSE:WIT) Short Interest Update

Wipro Limited (NYSE:WIT) saw a large decline in short interest in 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. Based on an average daily volume of 23,033,008 shares, the days-to-cover ratio is presently 3.7 days. Currently, 0.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley cut shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Reduce”.

Wipro Price Performance

Shares of WIT traded up $0.06 on Tuesday, reaching $2.13. 11,064,644 shares of the stock traded hands, compared to its average volume of 17,382,108. The firm has a market cap of $22.26 billion, a price-to-earnings ratio of 15.18, a P/E/G ratio of 5.96 and a beta of 1.07. Wipro has a 12 month low of $2.05 and a 12 month high of $3.13. The stock’s 50-day moving average price is $2.34 and its 200-day moving average price is $2.61.

Wipro (NYSE:WIT) last issued its earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.35% and a net margin of 14.61%.The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $2.63 billion. As a group, equities research analysts forecast that Wipro will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Several institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its stake in Wipro by 19.8% in the first quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock valued at $369,000 after acquiring an additional 19,901 shares during the period. NewEdge Advisors LLC boosted its holdings in Wipro by 87.0% during the first quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock valued at $828,000 after purchasing an additional 125,967 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Wipro by 22.0% during the first quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock valued at $31,683,000 after purchasing an additional 1,864,943 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Wipro by 184.9% in the 1st quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock valued at $687,000 after purchasing an additional 145,658 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Wipro by 14.3% in the 2nd quarter. Geode Capital Management LLC now owns 107,021 shares of the information technology services provider’s stock valued at $323,000 after purchasing an additional 13,363 shares during the period. 2.36% of the stock is currently owned by institutional investors and hedge funds.

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.