Wipro (NYSE:WIT) Shares Gap Down – Here’s Why

Wipro Limited (NYSE:WIT) shares gapped down before the market opened on Friday . The stock had previously closed at $2.84, but opened at $2.77. Wipro shares last traded at $2.79, with a volume of 1,677,088 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WIT. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. Jefferies Financial Group downgraded Wipro from a “hold” rating to an “underperform” rating in a research note on Tuesday. Finally, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Wipro Trading Up 0.2 %

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 $29.75 billion, a price-to-earnings ratio of 19.62, a PEG ratio of 3.08 and a beta of 0.96. The firm has a 50-day moving average of $3.25 and a 200 day moving average of $4.66.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 EPS 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%. As a group, equities analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC increased its stake in shares of Wipro by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 3,557 shares during the period. Bell Investment Advisors Inc lifted its holdings in shares of Wipro by 100.0% in the fourth quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 3,631 shares during the period. Sierra Ocean LLC acquired a new stake in shares of Wipro in the fourth quarter valued at $29,000. Farther Finance Advisors LLC boosted its stake in Wipro by 148.3% during the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 4,851 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC acquired a new position in Wipro during the fourth quarter worth about $35,000. 2.36% of the stock is currently owned by institutional investors.

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.