Wipro (NYSE:WIT) Shares Gap Up – Should You Buy?

Wipro Limited (NYSE:WIT)’s share price gapped up prior to trading on Thursday. The stock had previously closed at $1.65, but opened at $1.75. Wipro shares last traded at $1.7750, with a volume of 5,934,788 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WIT shares. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $2.20 to $1.70 in a research report on Wednesday, June 24th. Weiss Ratings upgraded Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 28th. Finally, CLSA cut Wipro from a “hold” rating to an “underperform” rating in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Strong Sell” and an average price target of $1.70.

Wipro Stock Up 6.4%

The stock has a fifty day moving average price of $1.83 and a two-hundred day moving average price of $2.00. The company has a market cap of $17.36 billion, a price-to-earnings ratio of 13.42, a P/E/G ratio of 3.67 and a beta of 0.95.

Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, meeting the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.60 billion. Analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WIT. EverSource Wealth Advisors LLC boosted its stake in shares of Wipro by 9.9% in the first quarter. EverSource Wealth Advisors LLC now owns 59,889 shares of the information technology services provider’s stock valued at $127,000 after buying an additional 5,398 shares during the period. Hardy Reed LLC lifted its position in shares of Wipro by 20.4% during the 1st quarter. Hardy Reed LLC now owns 35,835 shares of the information technology services provider’s stock valued at $76,000 after acquiring an additional 6,067 shares during the period. Barings LLC grew its holdings in shares of Wipro by 18.3% during the 1st quarter. Barings LLC now owns 40,639 shares of the information technology services provider’s stock worth $86,000 after purchasing an additional 6,274 shares in the last quarter. Natural Investments LLC increased its position in shares of Wipro by 16.3% in the second quarter. Natural Investments LLC now owns 51,762 shares of the information technology services provider’s stock worth $116,000 after purchasing an additional 7,258 shares during the period. Finally, Dynamic Advisor Solutions LLC lifted its position in Wipro by 20.6% during the second quarter. Dynamic Advisor Solutions LLC now owns 49,655 shares of the information technology services provider’s stock worth $112,000 after purchasing an additional 8,476 shares during the period. 2.36% of the stock is owned by institutional investors.

About Wipro

Wipro Limited (NYSE:WIT) is an India-based technology services and consulting company that helps businesses modernize operations, develop digital products and manage technology infrastructure. Its services include consulting, application development and management, cloud computing, cybersecurity, data and analytics, artificial intelligence, engineering, and business process services.

The company serves clients across industries including financial services, healthcare, consumer and retail, communications, energy, manufacturing, and technology.