Shares of Wipro Limited (NYSE:WIT – Get Free Report) were down 6.2% during mid-day trading on Thursday . The company traded as low as $2.25 and last traded at $2.3250. Approximately 2,001,379 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 11,831,810 shares. The stock had previously closed at $2.48.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings lowered Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Wipro presently has a consensus rating of “Sell”.
Get Our Latest Analysis on WIT
Wipro Trading Down 5.8%
Wipro (NYSE:WIT – Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 14.97% and a net margin of 14.25%.The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.65 billion. On average, equities 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 large investors have recently made changes to their positions in the business. Shariaportfolio Inc. purchased a new position in shares of Wipro during the 1st quarter worth $272,000. EverSource Wealth Advisors LLC increased its holdings in shares of Wipro by 9.9% during 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 last quarter. Royal Bank of Canada increased its holdings in shares of Wipro by 20.8% during the 1st quarter. Royal Bank of Canada now owns 114,538 shares of the information technology services provider’s stock worth $243,000 after buying an additional 19,684 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Wipro by 2.9% during 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 buying an additional 62,800 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Wipro by 20.9% during the 1st quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock worth $39,341,000 after buying an additional 3,206,153 shares during the last quarter. 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.
Featured Stories
- Five stocks we like better than Wipro
- CarMax In Reverse? Why You Should Buy Now Before the Big Catalysts Emerge
- Can Trupanion Turn Pet Insurance Loyalty Into Real Earnings?
- 3 Space ETFs for a Timely Investment
- USA Rare Earth Just Moved Closer to Commercial Reality
Receive News & Ratings for Wipro Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wipro and related companies with MarketBeat.com's FREE daily email newsletter.
