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

Wipro Limited (NYSE:WIT) shares gapped down prior to trading on Wednesday . The stock had previously closed at $2.55, but opened at $2.41. Wipro shares last traded at $2.4550, with a volume of 7,744,362 shares changing hands.

Wall Street Analyst Weigh In

Separately, Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a report on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce”.

Wipro Stock Down 8.4%

The business’s 50-day moving average is $2.54 and its two-hundred day moving average is $2.67. The company has a market capitalization of $24.46 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 9.22 and a beta of 1.07.

Wipro (NYSE:WIT) last announced its earnings results on Wednesday, January 21st. 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 15.35% and a net margin of 14.61%.The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $2.63 billion. Analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WIT. Walkner Condon Financial Advisors LLC purchased a new position in shares of Wipro during the third quarter worth about $27,000. Interchange Capital Partners LLC bought a new position in shares of Wipro in the 3rd quarter worth $27,000. Sapient Capital LLC purchased a new stake in shares of Wipro during the 4th quarter valued at $29,000. Axxcess Wealth Management LLC purchased a new position in Wipro in the fourth quarter worth $29,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Wipro in the 4th quarter worth approximately $29,000. 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.