Wipro (NYSE:WIT) Hits New 1-Year Low - What's Next?

Wipro Limited (NYSE:WIT - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $1.59 and last traded at $1.6150, with a volume of 8646296 shares changing hands. The stock had previously closed at $1.62.

Analysts Set New Price Targets

Several research firms have recently commented on WIT. JPMorgan Chase & Co. lowered Wipro from a "neutral" rating to an "underweight" rating and lowered their price target for the stock from $2.20 to $1.70 in a research report on Wednesday, June 24th. CLSA downgraded Wipro from a "hold" rating to an "underperform" rating in a report on Wednesday, August 19th. Finally, Weiss Ratings raised Wipro from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Strong Sell" and an average price target of $1.70.

Wipro Trading Down 0.3%

The firm has a market capitalization of $15.97 billion, a PE ratio of 12.42, a P/E/G ratio of 3.70 and a beta of 0.95. The company has a fifty day moving average price of $1.83 and a two-hundred day moving average price of $2.00.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $2.60 billion. As a group, equities research analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

A number of institutional investors have recently modified their holdings of the business. rebel Financial LLC acquired a new stake in Wipro during the 1st quarter worth $25,000. Commonwealth Financial Services LLC acquired a new position in Wipro in the first quarter valued at $25,000. Tanager Wealth Management LLP acquired a new position in Wipro in the first quarter valued at $28,000. Nolet Wealth Management LLC purchased a new stake in shares of Wipro in the second quarter valued at about $28,000. Finally, Wealthcare Advisory Partners LLC purchased a new stake in shares of Wipro in the second quarter valued at about $28,000. 2.36% of the stock is owned by institutional investors and hedge funds.

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.

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