Wipro (NYSE:WIT) Hits New 12-Month Low – Here’s What Happened

Shares of Wipro Limited (NYSE:WIT) reached a new 52-week low during trading on Tuesday . The company traded as low as $2.53 and last traded at $2.5850, with a volume of 1180971 shares traded. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

WIT has been the subject of a number of research analyst reports. CLSA downgraded Wipro from an “outperform” rating to a “hold” rating in a research report on Monday, October 20th. Morgan Stanley lowered Wipro to an “underweight” rating in a report on Monday, January 19th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Wipro in a report on Thursday, October 30th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Wipro Price Performance

The stock has a market capitalization of $27.07 billion, a P/E ratio of 18.47, a PEG ratio of 10.30 and a beta of 1.03. The stock’s fifty day moving average is $2.81 and its 200-day moving average is $2.76.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.35% and a net margin of 14.61%.The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.63 billion. On average, research analysts expect that Wipro Limited will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Wipro

Hedge funds have recently made changes to their positions in the company. Quadrant Private Wealth Management LLC lifted its position in Wipro by 83.6% during the 4th quarter. Quadrant Private Wealth Management LLC now owns 42,983 shares of the information technology services provider’s stock worth $122,000 after buying an additional 19,578 shares in the last quarter. PDS Planning Inc lifted its holdings in Wipro by 16.6% in the fourth quarter. PDS Planning Inc now owns 251,624 shares of the information technology services provider’s stock valued at $715,000 after buying an additional 35,793 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Wipro by 387.4% in the 4th quarter. Farther Finance Advisors LLC now owns 34,918 shares of the information technology services provider’s stock worth $99,000 after purchasing an additional 27,754 shares during the last quarter. Bridgewater Advisors Inc. grew its stake in shares of Wipro by 10.3% during the fourth quarter. Bridgewater Advisors Inc. now owns 193,496 shares of the information technology services provider’s stock worth $503,000 after purchasing an additional 18,110 shares during the period. Finally, BSW Wealth Partners boosted its holdings in Wipro by 16.6% during the fourth quarter. BSW Wealth Partners now owns 244,156 shares of the information technology services provider’s stock worth $693,000 after buying an additional 34,727 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.