Wipro (NYSE:WIT) Shares Gap Down – Here’s Why

Wipro Limited (NYSE:WIT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $3.57, but opened at $3.46. Wipro shares last traded at $3.47, with a volume of 252,807 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research note on Monday. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $5.60.

Wipro Stock Performance

The company has a market cap of $36.47 billion, a PE ratio of 25.85, a P/E/G ratio of 4.92 and a beta of 0.92. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The business’s fifty day moving average is $5.77 and its 200-day moving average is $6.09.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. The firm had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. As a group, research analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WIT. GAMMA Investing LLC boosted its holdings in Wipro by 37.8% in the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after buying an additional 2,426 shares during the period. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro in the second quarter valued at about $64,000. Abacus Wealth Partners LLC bought a new position in shares of Wipro in the third quarter worth about $71,000. Werba Rubin Papier Wealth Management bought a new stake in Wipro during the 3rd quarter valued at approximately $71,000. Finally, Catalytic Wealth RIA LLC purchased a new position in Wipro in the 3rd quarter worth approximately $81,000. 2.36% of the stock is currently owned by institutional investors.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. 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.