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

Shares of Wipro Limited (NYSE:WIT) gapped up prior to trading 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 changing hands.

Analyst Upgrades and Downgrades

WIT has been the subject of several recent research reports. Weiss Ratings raised Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $2.20 to $1.70 in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Wipro currently has an average rating of “Reduce” and an average target price of $1.70.

Wipro Stock Performance

The firm has a market cap of $19.24 billion, a price-to-earnings ratio of 14.96, a price-to-earnings-growth ratio of 4.50 and a beta of 0.97. The company has a 50 day moving average price of $2.07 and a 200 day moving average price of $2.20.

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

Institutional Investors Weigh In On Wipro

A number of institutional investors and hedge funds have recently made changes to their positions in WIT. Morgan Stanley boosted its position in shares of Wipro by 65.0% during the 4th quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock worth $137,829,000 after purchasing an additional 19,114,904 shares during the period. Defiance ETFs LLC purchased a new stake in Wipro in the fourth quarter valued at approximately $39,525,000. UBS Group AG raised its position in Wipro by 165.0% in the third quarter. UBS Group AG now owns 13,044,840 shares of the information technology services provider’s stock valued at $34,308,000 after purchasing an additional 8,122,275 shares during the period. Norges Bank purchased a new position in shares of Wipro during the fourth quarter worth $22,036,000. Finally, Bank of America Corp DE grew its stake in shares of Wipro by 298.9% in the second quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock valued at $23,226,000 after buying an additional 5,762,771 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.