Short Interest in Wipro Limited (NYSE:WIT) Rises By 184,244.8%

Key Points

• Wipro Limited experienced a dramatic increase in short interest in July, rising by 184,244.8% to a total of 80,190,000 shares.
• Despite recent analyst ratings showing a mix of upgrades and downgrades, Wipro maintains a consensus rating of "Hold" among market analysts.
• The company's stock traded down 1.3%, reaching $2.69 per share, with a market cap of $28.09 billion.

Wipro Limited (NYSE:WIT - Get Free Report) was the target of a significant increase in short interest in the month of July. As of July 15th, there was short interest totaling 80,190,000 shares, anincreaseof184,244.8% from the June 30th total of 43,500 shares. Based on an average trading volume of 5,830,000 shares, the days-to-cover ratio is presently 13.8 days. Based on an average trading volume of 5,830,000 shares, the days-to-cover ratio is presently 13.8 days.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on WIT. Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Jefferies Financial Group lowered shares of Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Finally, Wall Street Zen raised shares of Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Wipro has a consensus rating of "Hold".

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Wipro by 92.0% during the 4th quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock valued at $82,692,000 after acquiring an additional 11,196,013 shares in the last quarter. Acadian Asset Management LLC grew its stake in Wipro by 44.4% during the 1st quarter. Acadian Asset Management LLC now owns 20,977,514 shares of the information technology services provider's stock valued at $64,171,000 after acquiring an additional 6,447,184 shares in the last quarter. Marshall Wace LLP purchased a new stake in Wipro during the 4th quarter valued at about $20,008,000. BNP Paribas Financial Markets grew its stake in Wipro by 36.4% during the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock valued at $55,925,000 after acquiring an additional 4,215,981 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Wipro during the 4th quarter valued at about $12,795,000. Institutional investors and hedge funds own 2.36% of the company's stock.

Wipro Stock Down 1.5%

Shares of WIT traded down $0.04 during trading hours on Friday, reaching $2.68. 6,334,473 shares of the company traded hands, compared to its average volume of 8,033,857. The stock has a market capitalization of $28.03 billion, a P/E ratio of 17.29, a P/E/G ratio of 9.77 and a beta of 0.93. Wipro has a 12-month low of $2.63 and a 12-month high of $3.79. The business has a fifty day moving average price of $2.95 and a 200-day moving average price of $3.10.

Wipro (NYSE:WIT - Get Free Report) last posted its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $219.23 billion. Wipro had a net margin of 15.07% and a return on equity of 15.94%. As a group, research analysts predict that Wipro will post 0.14 EPS for the current fiscal year.

About Wipro

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.