Wipro (NYSE:WIT) Shares Gap Down to $6.33

Wipro Limited (NYSE:WIT) gapped down before the market opened on Wednesday . The stock had previously closed at $6.33, but opened at $6.18. Wipro shares last traded at $6.14, with a volume of 266,598 shares trading hands.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Nomura assumed coverage on Wipro in a report on Tuesday, July 2nd. They set a “buy” rating for the company. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Nomura Securities upgraded Wipro to a “strong-buy” rating in a report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.60.

Wipro Trading Up 2.7 %

The firm has a market cap of $33.23 billion, a PE ratio of 25.44, a P/E/G ratio of 4.22 and a beta of 0.90. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average price is $6.20 and its two-hundred day moving average price is $5.86.

Wipro (NYSE:WIT) last announced its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter in the prior year, the firm posted $0.06 earnings per share. As a group, sell-side analysts forecast that Wipro Limited will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Wipro

Several hedge funds and other institutional investors have recently made changes to their positions in WIT. GAMMA Investing LLC raised its stake in shares of Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after acquiring an additional 1,858 shares during the period. Oppenheimer & Co. Inc. purchased a new position in Wipro in the 1st quarter worth about $60,000. Mayflower Financial Advisors LLC purchased a new position in Wipro in the 2nd quarter worth about $64,000. Atomi Financial Group Inc. increased its stake in Wipro by 29.4% in the 1st quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after buying an additional 3,023 shares during the period. Finally, Advisors Preferred LLC purchased a new position in Wipro in the 1st quarter worth about $79,000. Hedge funds and other 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.