Wipro (NYSE:WIT) Sets New 52-Week Low - What's Next?

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) shares 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 traded. The stock had previously closed at $2.66.

Wall Street Analyst Weigh In

WIT has been the topic of several research reports. Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Morgan Stanley upgraded shares of Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold".

Wipro Stock Performance

The company has a market cap of $27.77 billion, a P/E ratio of 17.13, a PEG ratio of 9.69 and a beta of 0.93. The company has a fifty day moving average price of $2.93 and a two-hundred day moving average price of $3.06.

Wipro (NYSE:WIT - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The information technology services provider reported $0.04 EPS for the quarter, hitting 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 during the quarter, compared to analysts' expectations of $219.23 billion. Research analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Wipro

Several hedge funds have recently bought and sold shares of the stock. Vest Financial LLC acquired a new stake in shares of Wipro in the second quarter valued at approximately $31,000. Hamilton Capital LLC bought a new stake in shares of Wipro during the first quarter worth $32,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Wipro during the fourth quarter worth $35,000. CogentBlue Wealth Advisors LLC bought a new stake in shares of Wipro during the first quarter worth $37,000. Finally, Haven Private LLC bought a new stake in shares of Wipro during the second quarter worth $39,000. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Company Profile

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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