Wipro (NYSE:WIT) Sets New 1-Year Low - Here's Why

Shares of Wipro Limited (NYSE:WIT - Get Free Report) reached a new 52-week low on Wednesday . The company traded as low as $2.81 and last traded at $2.86, with a volume of 5662755 shares trading hands. The stock had previously closed at $2.87.

Analyst Ratings Changes

WIT has been the subject of a number of research reports. StockNews.com upgraded Wipro from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Jefferies Financial Group downgraded shares of Wipro from a "hold" rating to an "underperform" rating in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Wipro has an average rating of "Hold".

Wipro Price Performance

The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $30.17 billion, a P/E ratio of 19.90, a PEG ratio of 3.08 and a beta of 1.03. The company has a fifty day simple moving average of $2.98 and a two-hundred day simple moving average of $4.22.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting analysts' consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. The company had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $225.66 billion. Sell-side analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Wipro by 92.0% in the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock valued at $82,692,000 after buying an additional 11,196,013 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Wipro by 36.4% in the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock valued at $55,925,000 after acquiring an additional 4,215,981 shares in the last quarter. Schroder Investment Management Group boosted its stake in Wipro by 177.6% in the 4th quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider's stock worth $34,280,000 after purchasing an additional 6,195,561 shares during the period. JPMorgan Chase & Co. raised its stake in shares of 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 period. Finally, Fisher Asset Management LLC boosted its position in shares of Wipro by 97.9% during the fourth quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider's stock worth $26,636,000 after buying an additional 3,722,115 shares during the period. 2.36% of the stock is currently owned by institutional investors and hedge funds.

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.