Wipro (NYSE:WIT) Sets New 12-Month Low – Here’s Why

Wipro Limited (NYSE:WIT) shares hit a new 52-week low on Tuesday . The stock traded as low as $1.99 and last traded at $1.9950, with a volume of 8027011 shares. The stock had previously closed at $2.03.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings cut shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Morgan Stanley cut 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 one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce”.

Wipro Trading Down 1.7%

The firm has a market cap of $20.90 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 4.45 and a beta of 0.92. The firm’s fifty day moving average price is $2.18 and its 200-day moving average price is $2.52.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. On average, sell-side analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

A number of large investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC boosted its stake in Wipro by 30.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,014,597 shares of the information technology services provider’s stock worth $2,151,000 after purchasing an additional 235,454 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Wipro by 8.7% in the 1st quarter. Hsbc Holdings PLC now owns 190,444 shares of the information technology services provider’s stock worth $402,000 after acquiring an additional 15,190 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Wipro in the 1st quarter worth $31,000. Hardy Reed LLC lifted its stake in shares of Wipro by 20.4% in the 1st quarter. Hardy Reed LLC now owns 35,835 shares of the information technology services provider’s stock worth $76,000 after acquiring an additional 6,067 shares during the period. Finally, V Square Quantitative Management LLC lifted its stake in shares of Wipro by 5.5% in the 1st quarter. V Square Quantitative Management LLC now owns 204,636 shares of the information technology services provider’s stock worth $434,000 after acquiring an additional 10,750 shares during the period. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.