Wipro (NYSE:WIT) Hits New 52-Week Low - Here's What Happened

Key Points

• Wipro Limited shares reached a new 52-week low, trading at $2.63, and closed at $2.64 with around 3.67 million shares exchanged.
• Analyst ratings for Wipro show a mix of changes, with Jefferies lowering its rating to "underperform" while Wall Street Zen upgraded it to "buy"; the overall consensus remains a "Hold."
• The company reported earnings of $0.04 per share for the last quarter, aligning with analyst expectations, but its revenue fell short at $2.58 billion against estimates of $219.23 billion.

Wipro Limited (NYSE:WIT - Get Free Report) shares reached a new 52-week low on Wednesday . The company traded as low as $2.63 and last traded at $2.64, with a volume of 3670376 shares trading hands. The stock had previously closed at $2.68.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group lowered shares of Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Finally, Wall Street Zen raised shares of Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold".

Wipro Stock Performance

The company has a market capitalization of $27.56 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 9.73 and a beta of 0.93. The company's fifty day simple moving average is $2.95 and its two-hundred day simple moving average is $3.09.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $2.58 billion during the quarter, compared to analyst estimates of $219.23 billion. Wipro had a net margin of 15.07% and a return on equity of 15.94%. Sell-side analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WIT. Sei Investments Co. lifted its position in shares of Wipro by 324.6% in the 4th quarter. Sei Investments Co. now owns 110,336 shares of the information technology services provider's stock worth $391,000 after buying an additional 84,352 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Wipro in the 4th quarter valued at about $37,000. LPL Financial LLC lifted its position in Wipro by 164.9% in the 4th quarter. LPL Financial LLC now owns 153,797 shares of the information technology services provider's stock valued at $544,000 after purchasing an additional 95,742 shares during the last quarter. Vanguard Group Inc. lifted its position in Wipro by 92.0% in the 4th quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock valued at $82,692,000 after purchasing an additional 11,196,013 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Wipro by 41.5% in the 4th quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider's stock valued at $30,956,000 after purchasing an additional 2,566,388 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors.

About Wipro

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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