Wipro (NYSE:WIT) Trading Down 4.1% – What’s Next?

Shares of Wipro Limited (NYSE:WIT) dropped 4.1% during trading on Thursday . The company traded as low as $3.30 and last traded at $3.30. Approximately 567,888 shares changed hands during trading, a decline of 83% from the average daily volume of 3,315,964 shares. The stock had previously closed at $3.44.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on WIT. HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. StockNews.com lowered shares of Wipro from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Investec downgraded Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Finally, UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

Wipro Stock Performance

The firm has a market capitalization of $35.90 billion, a price-to-earnings ratio of 25.44, a price-to-earnings-growth ratio of 4.55 and a beta of 0.91. The firm’s 50-day moving average price is $5.13 and its two-hundred day moving average price is $5.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69.

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

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its position in Wipro by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after buying an additional 2,104 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Wipro in the 2nd quarter worth approximately $923,000. Choreo LLC bought a new stake in Wipro during the 2nd quarter worth approximately $91,000. American Century Companies Inc. increased its holdings in Wipro by 5.4% during the 2nd quarter. American Century Companies Inc. now owns 738,680 shares of the information technology services provider’s stock valued at $4,506,000 after purchasing an additional 38,100 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Wipro by 38.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 774,867 shares of the information technology services provider’s stock valued at $4,727,000 after purchasing an additional 214,712 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wipro Company Profile

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.