Wipro Limited (NYSE:WIT – Get Free Report) shares shot up 10% on Thursday . The stock traded as high as $2.21 and last traded at $2.2550. 3,989,820 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 11,739,617 shares. The stock had previously closed at $2.05.
Wall Street Analyst Weigh In
Separately, Weiss Ratings lowered shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce”.
View Our Latest Research Report on WIT
Wipro Price Performance
Wipro (NYSE:WIT – Get Free Report) last posted its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a return on equity of 14.97% and a net margin of 14.25%. On average, research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in Wipro by 9.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 59,889 shares of the information technology services provider’s stock worth $127,000 after buying an additional 5,398 shares during the period. Royal Bank of Canada boosted its position in Wipro by 20.8% in the 1st quarter. Royal Bank of Canada now owns 114,538 shares of the information technology services provider’s stock valued at $243,000 after buying an additional 19,684 shares during the period. Renaissance Technologies LLC grew its stake in Wipro by 2.9% in the 1st quarter. Renaissance Technologies LLC now owns 2,261,200 shares of the information technology services provider’s stock worth $4,794,000 after acquiring an additional 62,800 shares in the last quarter. First Trust Advisors LP increased its position in shares of Wipro by 20.9% during the first quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock worth $39,341,000 after acquiring an additional 3,206,153 shares during the period. Finally, Barometer Capital Management Inc. purchased a new position in shares of Wipro during the first quarter worth approximately $483,000. 2.36% of the stock is currently owned by institutional investors.
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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