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

Wipro Limited (NYSE:WIT) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $1.91 and last traded at $1.9050, with a volume of 5336475 shares traded. The stock had previously closed at $1.95.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WIT. Weiss Ratings downgraded shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 22nd. Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce”.

Wipro Stock Performance

The company has a market capitalization of $19.01 billion, a price-to-earnings ratio of 12.96, a P/E/G ratio of 4.08 and a beta of 0.92. The business’s 50-day simple moving average is $2.14 and its 200-day simple moving average is $2.48.

Wipro (NYSE:WIT) last released its earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a net margin of 14.25% and a return on equity of 14.97%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.65 billion. On average, analysts forecast that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

Hedge funds have recently modified their holdings of the company. First Trust Advisors LP raised its position 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 acquiring an additional 1,317,586 shares during the period. Caprock Group LLC acquired a new stake in shares of Wipro in the 3rd quarter valued at approximately $694,000. JPMorgan Chase & Co. raised its position in shares of Wipro by 24.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider’s stock valued at $18,665,000 after acquiring an additional 1,384,264 shares during the period. Thrivent Financial for Lutherans acquired a new stake in shares of Wipro in the 3rd quarter valued at approximately $1,890,000. Finally, Penserra Capital Management LLC raised its position in shares of Wipro by 43.4% in the 3rd quarter. Penserra Capital Management LLC now owns 9,242,466 shares of the information technology services provider’s stock valued at $24,307,000 after acquiring an additional 2,796,059 shares during the period. 2.36% of the stock is currently 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.