Wipro (NYSE:WIT) Sets New 1-Year Low – What’s Next?

Wipro Limited (NYSE:WIT)’s share price hit a new 52-week low on Tuesday . The stock traded as low as $2.10 and last traded at $2.1150, with a volume of 1121021 shares traded. The stock had previously closed at $2.16.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley downgraded Wipro to an “underweight” rating in a research report on Monday, January 19th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Wipro has an average rating of “Reduce”.

Wipro Stock Down 2.5%

The business’s 50-day simple moving average is $2.42 and its two-hundred day simple moving average is $2.63. The firm has a market capitalization of $22.05 billion, a price-to-earnings ratio of 15.04, a PEG ratio of 8.58 and a beta of 1.07.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. Sell-side analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

Institutional investors have recently bought and sold shares of the company. Walkner Condon Financial Advisors LLC purchased a new stake in shares of Wipro in the 3rd quarter valued at approximately $27,000. Interchange Capital Partners LLC purchased a new stake in shares of Wipro during the 3rd quarter worth $27,000. Sapient Capital LLC acquired a new position in shares of Wipro during the fourth quarter worth $29,000. Axxcess Wealth Management LLC purchased a new position in Wipro in the fourth quarter valued at $29,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Wipro in the fourth quarter valued at $29,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Company Profile

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.