Wipro (NYSE:WIT) Sets New 52-Week Low – Here’s Why

Wipro Limited (NYSE:WIT)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $1.73 and last traded at $1.7350, with a volume of 470703 shares traded. The stock had previously closed at $1.81.

Analyst Ratings Changes

WIT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. CLSA lowered Wipro from a “hold” rating to an “underperform” rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings upgraded Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Strong Sell” and a consensus price target of $1.70.

Wipro Stock Down 4.1%

The firm has a market capitalization of $17.16 billion, a price-to-earnings ratio of 13.35, a P/E/G ratio of 4.13 and a beta of 0.95. The stock has a 50 day moving average of $1.90 and a 200 day moving average of $2.07.

Wipro (NYSE:WIT) last released its earnings results on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.60 billion. Wipro had a return on equity of 15.40% and a net margin of 13.93%. Analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

Institutional investors and hedge funds have recently modified their holdings of the business. First Trust Advisors LP boosted its stake in Wipro by 20.9% in the first quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock valued at $39,341,000 after acquiring an additional 3,206,153 shares during the period. Prudential PLC bought a new stake in Wipro in the fourth quarter valued at $1,110,000. Nykredit A S acquired a new position in shares of Wipro during the second quarter valued at $3,782,000. Quadrant Capital Group LLC boosted its holdings in shares of Wipro by 46.9% during the fourth quarter. Quadrant Capital Group LLC now owns 2,136,767 shares of the information technology services provider’s stock valued at $6,068,000 after acquiring an additional 682,194 shares during the period. Finally, Abacus Wealth Partners LLC grew its position in shares of Wipro by 1,845.1% during the fourth quarter. Abacus Wealth Partners LLC now owns 536,959 shares of the information technology services provider’s stock worth $1,525,000 after acquiring an additional 509,353 shares during the last quarter. 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.