Wipro (NYSE:WIT) Trading Down 2.6%

Wipro Limited (NYSE:WIT)’s stock price was down 2.6% during mid-day trading on Monday . The company traded as low as $5.91 and last traded at $5.93. Approximately 380,405 shares traded hands during trading, a decline of 87% from the average daily volume of 2,840,327 shares. The stock had previously closed at $6.09.

Analyst Ratings Changes

Several brokerages have weighed in on WIT. Nomura initiated coverage on shares of Wipro in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. Nomura Securities upgraded shares of Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Three analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.30.

Wipro Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.58 and a quick ratio of 2.57. The firm’s 50-day moving average price is $5.85 and its 200-day moving average price is $5.80. The stock has a market cap of $30.64 billion, a P/E ratio of 23.48, a PEG ratio of 4.13 and a beta of 0.90.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Friday, July 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.39%. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the company earned $0.06 EPS. Sell-side analysts expect that Wipro Limited will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Wipro by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after acquiring an additional 553,433 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Wipro by 65.5% during the first quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock valued at $35,422,000 after purchasing an additional 2,437,802 shares in the last quarter. Fisher Asset Management LLC lifted its position in Wipro by 3.8% during the fourth quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock valued at $12,884,000 after purchasing an additional 84,519 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Wipro by 44.0% in the 4th quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after buying an additional 570,001 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Wipro by 6,295.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock worth $10,260,000 after buying an additional 1,771,854 shares during the last quarter. 2.36% of the stock is owned by institutional investors.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.