Wipro (NYSE:WIT) Hits New 52-Week Low – What’s Next?
by Kim Johansen · The Markets DailyWipro Limited (NYSE:WIT – Get Free Report) shares reached a new 52-week low on Tuesday . The stock traded as low as $2.53 and last traded at $2.5850, with a volume of 1180971 shares traded. The stock had previously closed at $2.61.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the stock. Morgan Stanley downgraded Wipro to an “underweight” rating in a report on Monday, January 19th. Weiss Ratings reiterated a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. Finally, CLSA cut Wipro from an “outperform” rating to a “hold” rating in a report on Monday, October 20th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Wipro has a consensus rating of “Reduce”.
Wipro Stock Down 1.0%
The business has a 50-day moving average price of $2.81 and a two-hundred day moving average price of $2.76. The company has a market cap of $26.44 billion, a P/E ratio of 18.04, a P/E/G ratio of 10.18 and a beta of 1.03.
Wipro (NYSE:WIT – Get Free Report) last announced its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.63 billion. Wipro had a return on equity of 15.35% and a net margin of 14.61%. As a group, sell-side analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.
Institutional Trading of Wipro
Several institutional investors and hedge funds have recently made changes to their positions in WIT. West Family Investments Inc. raised its holdings in Wipro by 37.3% during the 2nd quarter. West Family Investments Inc. now owns 533,167 shares of the information technology services provider’s stock worth $1,610,000 after buying an additional 144,972 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Wipro by 78.8% in the second quarter. QRG Capital Management Inc. now owns 123,313 shares of the information technology services provider’s stock valued at $372,000 after buying an additional 54,337 shares during the period. HB Wealth Management LLC increased its position in shares of Wipro by 12.2% during the second quarter. HB Wealth Management LLC now owns 53,733 shares of the information technology services provider’s stock worth $162,000 after acquiring an additional 5,856 shares in the last quarter. Ethic Inc. raised its holdings in shares of Wipro by 20.1% during the third quarter. Ethic Inc. now owns 1,244,542 shares of the information technology services provider’s stock worth $3,273,000 after acquiring an additional 208,091 shares during the period. Finally, Creative Planning lifted its position in Wipro by 21.2% in the 2nd quarter. Creative Planning now owns 3,730,772 shares of the information technology services provider’s stock valued at $11,267,000 after acquiring an additional 652,079 shares in the last quarter. Institutional investors own 2.36% of the company’s stock.
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.