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

Wipro Limited (NYSE:WIT) gapped down prior to trading on Wednesday . The stock had previously closed at $2.55, but opened at $2.41. Wipro shares last traded at $2.4550, with a volume of 7,744,362 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley lowered shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Reduce”.

Wipro Stock Performance

The company’s 50-day moving average price is $2.54 and its 200 day moving average price is $2.67. The stock has a market cap of $24.46 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 9.22 and a beta of 1.07.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. The firm had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. As a group, equities research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

Hedge funds have recently bought and sold shares of the business. West Family Investments Inc. boosted its position in shares of Wipro by 37.3% in the second quarter. West Family Investments Inc. now owns 533,167 shares of the information technology services provider’s stock valued at $1,610,000 after acquiring an additional 144,972 shares during the period. Caprock Group LLC acquired a new stake in Wipro in the 3rd quarter worth $694,000. Ethic Inc. increased its holdings in shares of Wipro by 20.1% during the 3rd quarter. Ethic Inc. now owns 1,244,542 shares of the information technology services provider’s stock worth $3,273,000 after purchasing an additional 208,091 shares during the period. Quadrant Capital Group LLC raised its position in shares of Wipro by 60.8% during the second quarter. Quadrant Capital Group LLC now owns 1,221,439 shares of the information technology services provider’s stock valued at $3,689,000 after buying an additional 461,616 shares during the last quarter. Finally, Thrivent Financial for Lutherans acquired a new stake in Wipro during the third quarter worth about $1,890,000. 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.