Wipro (NYSE:WIT) Sets New 12-Month Low - Here's Why

Key Points

• Wipro hit a new 52-week low of $1.99 (last $1.9950) in mid-day trading with about 8.03 million shares traded.
• Analysts have been cutting coverage—Weiss Ratings downgraded to "hold (c-)" and Morgan Stanley to "underweight"—leaving an average MarketBeat rating of "Reduce".
• Wipro's latest quarter showed EPS meeting estimates at $0.04 but revenue missed at $2.59B versus a $2.65B consensus, and the stock's 50‑day and 200‑day moving averages are $2.18 and $2.52 respectively.

Wipro Limited (NYSE:WIT - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $1.99 and last traded at $1.9950, with a volume of 8027011 shares traded. The stock had previously closed at $2.03.

Wall Street Analyst Weigh In

WIT has been the subject of several recent analyst reports. Weiss Ratings cut shares of Wipro from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, April 22nd. Morgan Stanley cut shares of Wipro to an "underweight" rating in a research report on Monday, January 19th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Reduce".

Wipro Stock Performance

The business's 50 day moving average price is $2.18 and its 200-day moving average price is $2.52. The firm has a market capitalization of $20.90 billion, a PE ratio of 14.25, a P/E/G ratio of 4.45 and a beta of 0.92.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.04. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. As a group, analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

Large investors have recently added to or reduced their stakes in the business. First Trust Advisors LP increased its stake in Wipro by 8.6% during the 3rd quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider's stock worth $43,801,000 after buying an additional 1,317,586 shares during the period. Caprock Group LLC purchased a new stake in Wipro during the 3rd quarter worth approximately $694,000. JPMorgan Chase & Co. increased its stake in Wipro by 24.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider's stock worth $18,665,000 after buying an additional 1,384,264 shares during the period. Thrivent Financial for Lutherans purchased a new stake in Wipro during the 3rd quarter worth approximately $1,890,000. Finally, Penserra Capital Management LLC increased its stake in Wipro by 43.4% during the 3rd quarter. Penserra Capital Management LLC now owns 9,242,466 shares of the information technology services provider's stock worth $24,307,000 after buying an additional 2,796,059 shares during the period. 2.36% of the stock is owned by hedge funds and other institutional investors.

About Wipro

Wipro Limited NYSE: WIT is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company's service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.

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