Wipro (NYSE:WIT) Earns Hold (C+) Rating from Weiss Ratings

Key Points

• Wipro's stock has been given a "hold (C+)" rating by Weiss Ratings, while Morgan Stanley upgraded it from "underweight" to "equal weight."
• Wipro recently reported quarterly earnings of $0.04 per share, meeting analyst estimates, with a revenue of $2.58 billion.
• Several institutional investors have increased their holdings in Wipro, notably Evergreen Capital Management, which raised its position by 325.2%.

Wipro (NYSE:WIT - Get Free Report)'s stock had its "hold (c+)" rating reiterated by equities research analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Wipro has an average rating of "Reduce".

Wipro Price Performance

Shares of NYSE WIT traded up $0.02 during trading hours on Wednesday, hitting $2.65. 6,837,881 shares of the company's stock were exchanged, compared to its average volume of 6,402,562. Wipro has a 1-year low of $2.58 and a 1-year high of $3.79. The stock has a market capitalization of $27.69 billion, a price-to-earnings ratio of 17.06 and a beta of 1.00. The company's 50-day moving average price is $2.73 and its 200-day moving average price is $2.86.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.94% and a net margin of 15.07%.The firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $219.23 billion. On average, research analysts expect that Wipro will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WIT. Fragasso Financial Advisors Inc increased its position in shares of Wipro by 30.5% in the 3rd quarter. Fragasso Financial Advisors Inc now owns 19,317 shares of the information technology services provider's stock valued at $51,000 after buying an additional 4,511 shares in the last quarter. Corient Private Wealth LLC increased its position in shares of Wipro by 8.8% in the 2nd quarter. Corient Private Wealth LLC now owns 593,578 shares of the information technology services provider's stock valued at $1,793,000 after buying an additional 47,952 shares in the last quarter. Evergreen Capital Management LLC increased its position in shares of Wipro by 325.2% in the 2nd quarter. Evergreen Capital Management LLC now owns 134,483 shares of the information technology services provider's stock valued at $406,000 after buying an additional 102,853 shares in the last quarter. Tidal Investments LLC increased its position in shares of Wipro by 19.3% in the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider's stock valued at $82,000 after buying an additional 4,403 shares in the last quarter. Finally, LMR Partners LLP increased its position in shares of Wipro by 174.7% in the 2nd quarter. LMR Partners LLP now owns 1,417,767 shares of the information technology services provider's stock valued at $4,282,000 after buying an additional 901,587 shares in the last quarter. Institutional investors and hedge funds own 2.36% of the company's stock.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.

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