Wipro (NYSE:WIT) Trading Down 4.7% - Here's Why

Wipro Limited (NYSE:WIT - Get Free Report) shares fell 4.7% during trading on Thursday . The stock traded as low as $2.87 and last traded at $2.93. 3,783,295 shares were traded during mid-day trading, a decline of 32% from the average session volume of 5,570,259 shares. The stock had previously closed at $3.07.

Wall Street Analysts Forecast Growth

Several research firms have commented on WIT. Jefferies Financial Group cut Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. Wall Street Zen raised Wipro from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Finally, Morgan Stanley raised Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Wipro presently has an average rating of "Hold".

Wipro Stock Performance

The company has a current ratio of 2.72, a quick ratio of 2.71 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $30.44 billion, a price-to-earnings ratio of 19.40, a price-to-earnings-growth ratio of 8.85 and a beta of 1.02. The company has a 50-day moving average of $2.96 and a 200-day moving average of $3.17.

Wipro (NYSE:WIT - Get Free Report) last issued its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. Wipro had a return on equity of 15.97% and a net margin of 14.73%. The firm had revenue of $2.62 billion for the quarter, compared to analyst estimates of $225.66 billion. On average, equities research analysts forecast that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its position in shares of Wipro by 148.3% in the 4th quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 4,851 shares during the period. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Wipro during the 4th quarter worth about $35,000. Hamilton Capital LLC purchased a new stake in shares of Wipro during the 1st quarter worth about $32,000. KLP Kapitalforvaltning AS acquired a new stake in Wipro in the 4th quarter worth approximately $37,000. Finally, CogentBlue Wealth Advisors LLC acquired a new stake in Wipro in the 1st quarter worth approximately $37,000. Institutional investors own 2.36% of the company's stock.

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.