Wipro Limited (NYSE:WIT) Receives Average Recommendation of “Reduce” from Brokerages

Shares of Wipro Limited (NYSE:WIT) have earned a consensus recommendation of “Reduce” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and five have assigned a hold recommendation to the company.

A number of equities research analysts have issued reports on the stock. CLSA downgraded shares of Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th.

Institutional Trading of Wipro

Several institutional investors and hedge funds have recently modified their holdings of the business. Walkner Condon Financial Advisors LLC bought a new stake in Wipro in the third quarter valued at approximately $27,000. Interchange Capital Partners LLC bought a new stake in Wipro during the 3rd quarter valued at about $27,000. Vest Financial LLC purchased a new position in Wipro in the 2nd quarter worth about $31,000. Curi Capital LLC purchased a new stake in Wipro in the second quarter worth approximately $31,000. Finally, Hamilton Capital LLC bought a new stake in shares of Wipro in the first quarter worth $32,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Stock Down 0.2%

WIT traded down $0.01 during trading on Friday, reaching $2.69. 6,938,485 shares of the company’s stock were exchanged, compared to its average volume of 6,655,083. Wipro has a fifty-two week low of $2.55 and a fifty-two week high of $3.79. The company has a market capitalization of $28.12 billion, a P/E ratio of 17.90, a PEG ratio of 16.16 and a beta of 1.02. The business has a 50 day moving average price of $2.68 and a 200 day moving average price of $2.81.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 16th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Wipro had a return on equity of 15.80% and a net margin of 15.06%.The company had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $224.40 billion. As a group, research analysts forecast that Wipro will post 0.14 EPS for the current year.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.