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

Key Points

• Wipro Limited's stock hit a new 52-week low at $2.62, closing at $2.66 with over 12 million shares traded.
• Analysts have mixed views on Wipro, with one upgrading the stock from "hold" to "buy" while overall ratings remain predominantly as "hold".
• The company reported earnings of $0.04 EPS, meeting analyst estimates, alongside a revenue of $2.58 billion for the quarter.

Wipro Limited (NYSE:WIT - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $2.62 and last traded at $2.66, with a volume of 12225830 shares. The stock had previously closed at $2.66.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold".

Wipro Price Performance

The business's 50 day moving average is $2.92 and its two-hundred day moving average is $3.04. The firm has a market capitalization of $28.56 billion, a PE ratio of 17.61, a P/E/G ratio of 9.88 and a beta of 0.93.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. 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 15.94% and a net margin of 15.07%. The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $219.23 billion. Analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WIT. Focus Partners Advisor Solutions LLC purchased a new position in Wipro during the 4th quarter valued at about $35,000. Vest Financial LLC purchased a new position in Wipro in the 2nd quarter worth approximately $31,000. Curi Capital LLC purchased a new position in Wipro in the 2nd quarter worth approximately $31,000. Hamilton Capital LLC purchased a new position in Wipro in the 1st quarter worth approximately $32,000. Finally, CogentBlue Wealth Advisors LLC purchased a new position in Wipro in the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 2.36% of the company's stock.

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.