Wipro (NYSE:WIT) Sets New 12-Month Low – Here’s What Happened

Wipro Limited (NYSE:WIT)’s stock price hit a new 52-week low during trading on Wednesday. The company traded as low as $1.59 and last traded at $1.6150, with a volume of 8646296 shares trading hands. The stock had previously closed at $1.62.

Analyst Ratings Changes

Several analysts have recently issued reports on WIT shares. CLSA downgraded Wipro from a “hold” rating to an “underperform” rating in a research report on Wednesday, August 19th. Weiss Ratings raised shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, July 28th. Finally, JPMorgan Chase & Co. lowered shares of Wipro from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $2.20 to $1.70 in a report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Wipro currently has an average rating of “Strong Sell” and an average target price of $1.70.

Wipro Trading Up 7.5%

The business has a 50 day simple moving average of $1.83 and a two-hundred day simple moving average of $1.99. The company has a market cap of $17.54 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 3.77 and a beta of 0.97.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.60 billion. Wipro had a return on equity of 15.40% and a net margin of 13.93%. On average, equities research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. increased its stake in shares of Wipro by 47.3% during the 2nd quarter. QRG Capital Management Inc. now owns 61,847 shares of the information technology services provider’s stock valued at $139,000 after acquiring an additional 19,868 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Wipro by 427.2% in the second quarter. Tidal Investments LLC now owns 271,584 shares of the information technology services provider’s stock worth $611,000 after acquiring an additional 220,065 shares during the last quarter. Engineers Gate Manager LP boosted its position in shares of Wipro by 241.0% in the second quarter. Engineers Gate Manager LP now owns 706,130 shares of the information technology services provider’s stock worth $1,589,000 after acquiring an additional 499,082 shares during the last quarter. Nykredit A S purchased a new stake in Wipro in the second quarter valued at approximately $3,505,000. Finally, Corient Private Wealth LP grew its holdings in Wipro by 18.1% in the second quarter. Corient Private Wealth LP now owns 762,207 shares of the information technology services provider’s stock valued at $1,715,000 after purchasing an additional 116,910 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

Wipro Limited (NYSE:WIT) is an India-based technology services and consulting company that helps businesses modernize operations, develop digital products and manage technology infrastructure. Its services include consulting, application development and management, cloud computing, cybersecurity, data and analytics, artificial intelligence, engineering, and business process services.

The company serves clients across industries including financial services, healthcare, consumer and retail, communications, energy, manufacturing, and technology.