Shares of Wipro Limited (NYSE:WIT – Get Free Report) hit a new 52-week low on Thursday . The stock traded as low as $1.80 and last traded at $1.8250, with a volume of 1198492 shares traded. The stock had previously closed at $1.84.
Wall Street Analysts Forecast Growth
WIT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. downgraded shares of Wipro from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. Weiss Ratings cut shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Strong Sell” and a consensus price target of $1.70.
Read Our Latest Report on Wipro
Wipro Price Performance
Wipro (NYSE:WIT – Get Free Report) last announced its earnings results on Thursday, July 16th. The information technology services provider reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. Wipro had a net margin of 14.25% and a return on equity of 14.97%. On average, equities analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.
Institutional Trading of Wipro
Large investors have recently modified their holdings of the stock. Morgan Stanley boosted its holdings in Wipro by 65.0% in the fourth quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock valued at $137,829,000 after purchasing an additional 19,114,904 shares during the period. State Street Corp increased its holdings in Wipro by 0.8% during the 4th quarter. State Street Corp now owns 23,861,012 shares of the information technology services provider’s stock worth $67,765,000 after purchasing an additional 179,034 shares during the period. Millennium Management LLC increased its holdings in Wipro by 25.9% during the 3rd quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock worth $56,033,000 after purchasing an additional 4,382,854 shares during the period. First Trust Advisors LP raised its position in Wipro by 20.9% in the 1st quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock valued at $39,341,000 after purchasing an additional 3,206,153 shares in the last quarter. Finally, Defiance ETFs LLC purchased a new position in shares of Wipro in the 4th quarter valued at about $39,525,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.
About Wipro
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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