Wipro (NYSE:WIT) Stock Rating Lowered by JPMorgan Chase & Co.

Wipro (NYSE:WIT – Get Free Report) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $1.70 target price on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 26.09% from the stock’s previous close.

Separately, Weiss Ratings downgraded shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Wipro presently has a consensus rating of “Strong Sell” and a consensus price target of $1.70.

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Wipro Price Performance

Shares of NYSE:WIT opened at $2.30 on Wednesday. The firm has a market capitalization of $24.10 billion, a price-to-earnings ratio of 16.43, a price-to-earnings-growth ratio of 4.91 and a beta of 0.97. Wipro has a 12 month low of $1.80 and a 12 month high of $3.13. The business’s 50 day simple moving average is $2.12 and its 200-day simple moving average is $2.38.

Wipro (NYSE:WIT – Get Free Report) last announced its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 14.97% and a net margin of 14.25%.The business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.65 billion. On average, equities analysts anticipate that Wipro will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

Several hedge funds and other institutional investors have recently modified their holdings of the company. rebel Financial LLC purchased a new stake in shares of Wipro during the 1st quarter valued at about $25,000. Commonwealth Financial Services LLC acquired a new position in shares of Wipro during the first quarter valued at $25,000. Interchange Capital Partners LLC bought a new stake in Wipro during the third quarter worth approximately $27,000. Tanager Wealth Management LLP bought a new stake in shares of Wipro in the 1st quarter worth $28,000. Finally, Sapient Capital LLC acquired a new stake in shares of Wipro in the fourth quarter valued at $29,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Company Profile

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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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