Wipro (NYSE:WIT) Sets New 1-Year Low – What’s Next?

Wipro Limited (NYSE:WIT) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $2.10 and last traded at $2.1150, with a volume of 1121021 shares. The stock had previously closed at $2.16.

Wall Street Analyst Weigh In

Separately, Morgan Stanley cut shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Wipro has an average rating of “Reduce”.

Wipro Price Performance

The company has a market cap of $22.05 billion, a PE ratio of 15.04, a PEG ratio of 8.58 and a beta of 1.07. The stock has a 50 day simple moving average of $2.42 and a two-hundred day simple moving average of $2.63.

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

Institutional Investors Weigh In On Wipro

A number of institutional investors and hedge funds have recently made changes to their positions in the business. First Trust Advisors LP increased its holdings in shares of Wipro by 8.6% in the 3rd quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock valued at $43,801,000 after purchasing an additional 1,317,586 shares in the last quarter. West Family Investments Inc. boosted its holdings in Wipro by 37.3% during the second quarter. West Family Investments Inc. now owns 533,167 shares of the information technology services provider’s stock worth $1,610,000 after buying an additional 144,972 shares in the last quarter. Caprock Group LLC acquired a new position in Wipro during the third quarter worth about $694,000. Ethic Inc. increased its holdings in Wipro by 20.1% in the third quarter. Ethic Inc. now owns 1,244,542 shares of the information technology services provider’s stock valued at $3,273,000 after buying an additional 208,091 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Wipro by 24.2% in the third quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider’s stock valued at $18,665,000 after buying an additional 1,384,264 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.