Wipro Limited (NYSE:WIT – Get Free Report) reached a new 52-week low on Monday . The stock traded as low as $1.91 and last traded at $1.9050, with a volume of 5336475 shares trading hands. The stock had previously closed at $1.95.
Analyst Ratings Changes
A number of research firms recently issued reports on WIT. Weiss Ratings downgraded shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 22nd. Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Wipro has a consensus rating of “Reduce”.
Get Our Latest Stock Analysis on Wipro
Wipro Price Performance
Wipro (NYSE:WIT – Get Free Report) last issued its earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a return on equity of 14.97% and a net margin of 14.25%. Equities research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.
Institutional Trading of Wipro
A number of hedge funds have recently made changes to their positions in the company. Allworth Financial LP boosted its stake in shares of Wipro by 17.3% in the fourth quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider’s stock valued at $80,000 after purchasing an additional 4,153 shares during the period. Tidal Investments LLC increased its stake in Wipro by 19.3% during the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock worth $82,000 after buying an additional 4,403 shares during the period. Lido Advisors LLC lifted its holdings in Wipro by 11.7% in the 4th quarter. Lido Advisors LLC now owns 42,485 shares of the information technology services provider’s stock worth $118,000 after buying an additional 4,454 shares in the last quarter. Cresset Asset Management LLC boosted its position in Wipro by 10.2% in the 2nd quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock valued at $169,000 after buying an additional 5,166 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in Wipro by 0.6% in the 4th quarter. Deutsche Bank AG now owns 813,925 shares of the information technology services provider’s stock valued at $2,312,000 after buying an additional 5,168 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.
Wipro Company Profile
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.
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