Wipro Limited (NYSE:WIT) Short Interest Up 184,244.8% in July

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) saw a large increase in short interest during 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 daily trading volume, of 5,830,000 shares, the short-interest ratio is currently 13.8 days. Based on an average daily trading volume, of 5,830,000 shares, the short-interest ratio is currently 13.8 days.

Wipro Stock Up 0.9%

Shares of WIT traded up $0.03 during mid-day trading on Tuesday, hitting $2.70. 2,110,483 shares of the company's stock were exchanged, compared to its average volume of 6,010,367. Wipro has a 52 week low of $2.63 and a 52 week high of $3.79. The stock's 50-day simple moving average is $2.95 and its 200-day simple moving average is $3.09. The firm has a market cap of $28.19 billion, a price-to-earnings ratio of 17.39, a price-to-earnings-growth ratio of 9.77 and a beta of 0.93.

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

Institutional Trading of Wipro

Several institutional investors and hedge funds have recently modified their holdings of WIT. Haven Private LLC bought a new position in Wipro during the second quarter worth $39,000. Atria Investments Inc bought a new stake in shares of Wipro during the second quarter worth about $203,000. Resonant Capital Advisors LLC bought a new stake in shares of Wipro during the second quarter worth about $99,000. R Squared Ltd grew its position in Wipro by 16.0% in the 2nd quarter. R Squared Ltd now owns 27,810 shares of the information technology services provider's stock worth $84,000 after purchasing an additional 3,830 shares in the last quarter. Finally, Rehmann Capital Advisory Group bought a new stake in Wipro in the 2nd quarter worth about $40,000. 2.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WIT has been the topic of several research analyst reports. Wall Street Zen raised shares of Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Jefferies Financial Group cut shares of Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Finally, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold".

Wipro Company Profile

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.