Wipro (NYSE:WIT) Shares Gap Down to $6.26

Wipro Limited (NYSE:WIT)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $6.26, but opened at $6.13. Wipro shares last traded at $6.16, with a volume of 36,122 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on WIT shares. Nomura started coverage on Wipro in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Nomura Securities raised Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wipro has an average rating of “Hold” and an average target price of $5.30.

Wipro Price Performance

The stock’s 50 day moving average is $6.09 and its two-hundred day moving average is $5.84. The stock has a market capitalization of $32.18 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 4.13 and a beta of 0.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the company posted $0.06 earnings per share. On average, equities analysts anticipate that Wipro Limited will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC boosted its stake in Wipro by 12.7% during the fourth quarter. CWM LLC now owns 17,286 shares of the information technology services provider’s stock worth $96,000 after buying an additional 1,951 shares during the last quarter. Van ECK Associates Corp grew its holdings in shares of Wipro by 114.2% in the fourth quarter. Van ECK Associates Corp now owns 77,662 shares of the information technology services provider’s stock valued at $433,000 after purchasing an additional 41,411 shares during the period. First Trust Direct Indexing L.P. raised its stake in Wipro by 21.6% during the fourth quarter. First Trust Direct Indexing L.P. now owns 209,595 shares of the information technology services provider’s stock worth $1,167,000 after purchasing an additional 37,192 shares during the period. Fisher Asset Management LLC raised its position in shares of Wipro by 3.7% during the 4th quarter. Fisher Asset Management LLC now owns 2,312,160 shares of the information technology services provider’s stock valued at $12,879,000 after buying an additional 83,519 shares during the period. Finally, West Family Investments Inc. grew its position in Wipro by 2.2% in the fourth quarter. West Family Investments Inc. now owns 213,737 shares of the information technology services provider’s stock worth $1,191,000 after acquiring an additional 4,683 shares during the period. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.