Wipro (NYSE:WIT) Sets New 1-Year Low – What’s Next?

Wipro Limited (NYSE:WIT) hit a new 52-week low on Tuesday . The stock traded as low as $2.58 and last traded at $2.5950, with a volume of 167515 shares changing hands. The stock had previously closed at $2.61.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on WIT shares. CLSA cut Wipro from an “outperform” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wipro in a report on Thursday, October 30th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce”.

Wipro Trading Down 0.6%

The company has a 50 day moving average price of $2.72 and a 200-day moving average price of $2.83. The company has a market cap of $27.17 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 16.16 and a beta of 1.00.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). Wipro had a net margin of 15.06% and a return on equity of 15.80%. The business had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $224.40 billion. Equities analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

A number of hedge funds and other institutional investors have recently bought and sold shares of WIT. Mirae Asset Global Investments Co. Ltd. grew its position in Wipro by 5.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider’s stock worth $278,000 after acquiring an additional 5,103 shares during the last quarter. Bank of New York Mellon Corp grew its position in Wipro by 178.5% during the 1st quarter. Bank of New York Mellon Corp now owns 70,881 shares of the information technology services provider’s stock worth $217,000 after acquiring an additional 45,430 shares during the last quarter. Penserra Capital Management LLC grew its position in Wipro by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 4,517,030 shares of the information technology services provider’s stock worth $13,822,000 after acquiring an additional 1,313,832 shares during the last quarter. Alps Advisors Inc. grew its position in Wipro by 17.5% during the 1st quarter. Alps Advisors Inc. now owns 417,132 shares of the information technology services provider’s stock worth $1,276,000 after acquiring an additional 62,000 shares during the last quarter. Finally, Cerity Partners LLC grew its position in Wipro by 63.5% during the 1st quarter. Cerity Partners LLC now owns 970,796 shares of the information technology services provider’s stock worth $2,971,000 after acquiring an additional 376,892 shares during the last quarter. Institutional investors own 2.36% of the company’s stock.

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.