Wipro Limited (NYSE:WIT) Short Interest Down 22.0% in March

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

Wipro Trading Down 0.7%

Shares of WIT traded down $0.02 during midday trading on Monday, reaching $2.07. 11,303,700 shares of the company were exchanged, compared to its average volume of 12,295,582. Wipro has a 1-year low of $2.05 and a 1-year high of $3.13. The stock has a 50-day moving average price of $2.35 and a 200-day moving average price of $2.61. The company has a market cap of $21.63 billion, a price-to-earnings ratio of 14.75, a P/E/G ratio of 5.85 and a beta of 1.07.

Wipro (NYSE:WIT) last announced its earnings results 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%. Equities research analysts anticipate that Wipro will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Walkner Condon Financial Advisors LLC acquired a new stake in Wipro during the 3rd quarter valued at $27,000. Interchange Capital Partners LLC acquired a new position in Wipro in the 3rd quarter worth $27,000. Sapient Capital LLC purchased a new position in Wipro in the 4th quarter valued at about $29,000. Axxcess Wealth Management LLC purchased a new position in Wipro in the 4th quarter valued at about $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Wipro during the fourth quarter valued at about $29,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Wipro has an average rating of “Reduce”.

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.