Wipro Limited (NYSE:WIT – Get Free Report) shares traded up 4.4% on Tuesday. The company traded as high as $1.80 and last traded at $1.7750. Approximately 654,083 shares were traded during trading, a decline of 94% from the average session volume of 11,021,362 shares. The stock had previously closed at $1.70.
Analyst Upgrades and Downgrades
Several research firms have weighed in on WIT. JPMorgan Chase & Co. downgraded Wipro from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $2.20 to $1.70 in a research report on Wednesday, June 24th. CLSA downgraded shares of Wipro from a “hold” rating to an “underperform” rating in a research note on Wednesday, August 19th. Finally, Weiss Ratings lowered Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 2nd. Four investment analysts have rated the stock with a Sell rating. According to data from MarketBeat.com, the stock has an average rating of “Strong Sell” and an average target price of $1.70.
Check Out Our Latest Stock Analysis on WIT
Wipro Price Performance
Wipro (NYSE:WIT – Get Free Report) last announced its earnings results on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. The business had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.60 billion. Wipro had a net margin of 13.93% and a return on equity of 15.40%. Equities analysts forecast that Wipro Limited will post 0.14 earnings per share for the current year.
Institutional Investors Weigh In On Wipro
Institutional investors have recently added to or reduced their stakes in the business. First Trust Advisors LP grew its holdings in 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. Nykredit A S purchased a new stake in shares of Wipro in the second quarter valued at about $3,505,000. Engineers Gate Manager LP lifted its stake in Wipro by 241.0% in the 2nd quarter. Engineers Gate Manager LP now owns 706,130 shares of the information technology services provider’s stock valued at $1,589,000 after buying an additional 499,082 shares in the last quarter. Angeles Wealth Management LLC lifted its stake in Wipro by 90.9% in the 1st quarter. Angeles Wealth Management LLC now owns 63,985 shares of the information technology services provider’s stock valued at $136,000 after buying an additional 30,473 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its holdings in Wipro by 30.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,014,597 shares of the information technology services provider’s stock valued at $2,151,000 after buying an additional 235,454 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 India-based technology services and consulting company that helps businesses modernize operations, develop digital products and manage technology infrastructure. Its services include consulting, application development and management, cloud computing, cybersecurity, data and analytics, artificial intelligence, engineering, and business process services.
The company serves clients across industries including financial services, healthcare, consumer and retail, communications, energy, manufacturing, and technology.
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