Wipro (NYSE:WIT) Shares Gap Up – What’s Next?

Wipro Limited (NYSE:WIT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $1.92, but opened at $2.04. Wipro shares last traded at $1.9350, with a volume of 2,441,789 shares traded.

Analyst Ratings Changes

A number of equities analysts recently issued reports on WIT shares. Weiss Ratings lowered Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $2.20 to $1.70 in a report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Sell” and a consensus price target of $1.70.

Wipro Price Performance

The company has a market cap of $19.24 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 4.36 and a beta of 0.97. The business’s 50-day simple moving average is $2.07 and its 200-day simple moving average is $2.21.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. Wipro had a net margin of 13.93% and a return on equity of 15.40%. The business had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.60 billion. As a group, sell-side analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. rebel Financial LLC acquired a new position in shares of Wipro in the first quarter valued at approximately $25,000. Commonwealth Financial Services LLC purchased a new stake in Wipro in the 1st quarter worth approximately $25,000. Tanager Wealth Management LLP acquired a new position in Wipro in the 1st quarter valued at $28,000. Nolet Wealth Management LLC purchased a new position in shares of Wipro during the 2nd quarter worth $28,000. Finally, Wealthcare Advisory Partners LLC acquired a new stake in shares of Wipro during the second quarter worth $28,000. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

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.