Wipro (NYSE:WIT) Issues Earnings Results

Key Points

• Wipro reported earnings of $0.03 per share, missing analysts' expectations of $0.04, with a net margin of 15.07% and a return on equity of 15.94%.
• Shares of WIT opened at $2.75, with a market capitalization of $28.74 billion and a PE ratio of 17.71, while institutional investors own 2.36% of the company.
• Analysts have given Wipro a consensus rating of "Reduce", with several upgrades and downgrades noted, including a recent "hold" from Weiss Ratings.

Wipro (NYSE:WIT - Get Free Report) announced its earnings results on Thursday. The information technology services provider reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.01), Zacks reports. Wipro had a net margin of 15.07% and a return on equity of 15.94%.

Wipro Stock Performance

Shares of WIT stock opened at $2.75 on Thursday. Wipro has a 52-week low of $2.58 and a 52-week high of $3.79. The firm has a market capitalization of $28.74 billion, a PE ratio of 17.71 and a beta of 1.00. The stock has a fifty day simple moving average of $2.73 and a two-hundred day simple moving average of $2.85.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in WIT. Curi Capital LLC bought a new position in shares of Wipro during the 2nd quarter valued at about $31,000. CW Advisors LLC bought a new position in shares of Wipro during the 2nd quarter valued at about $39,000. EP Wealth Advisors LLC bought a new position in shares of Wipro during the 2nd quarter valued at about $61,000. Tidal Investments LLC boosted its holdings in shares of Wipro by 19.3% during the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider's stock valued at $82,000 after purchasing an additional 4,403 shares during the last quarter. Finally, Flow Traders U.S. LLC bought a new position in shares of Wipro in the 2nd quarter valued at about $92,000. Institutional investors own 2.36% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Wipro in a research note on Wednesday, October 8th. Morgan Stanley upgraded shares of Wipro from an "underweight" rating to an "equal weight" rating in a research note on Friday, June 20th. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce".

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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