Wipro (NYSE:WIT) Shares Climb 4.4% – Here’s What Happened

Shares of Wipro Limited (NYSE:WIT) rose 4.4% during mid-day trading on Tuesday. The company traded as high as $1.80 and last traded at $1.7750. Approximately 654,083 shares changed hands during trading, a decline of 94% from the average daily volume of 11,021,362 shares. The stock had previously closed at $1.70.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. cut Wipro from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $2.20 to $1.70 in a research note on Wednesday, June 24th. CLSA cut shares of Wipro from a “hold” rating to an “underperform” rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings cut Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 2nd. Four analysts have rated the stock with a Sell rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Sell” and a consensus target price of $1.70.

Wipro Stock Performance

The company has a 50 day simple moving average of $1.79 and a two-hundred day simple moving average of $1.97. The firm has a market cap of $17.66 billion, a PE ratio of 13.73, a P/E/G ratio of 3.88 and a beta of 0.97.

Wipro (NYSE:WIT) last posted its quarterly earnings results on Friday, July 17th. The information technology services provider reported $0.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.03. Wipro had a net margin of 13.93% and a return on equity of 15.40%. The company had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.60 billion. As a group, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several institutional investors have recently made changes to their positions in the company. First Trust Advisors LP raised its stake in shares of Wipro by 20.9% during the 1st quarter. First Trust Advisors LP now owns 18,557,277 shares of the information technology services provider’s stock worth $39,341,000 after buying an additional 3,206,153 shares during the period. Nykredit A S acquired a new position in shares of Wipro during the 2nd quarter worth approximately $3,782,000. Engineers Gate Manager LP boosted its stake in Wipro by 241.0% during the second quarter. Engineers Gate Manager LP now owns 706,130 shares of the information technology services provider’s stock worth $1,589,000 after buying an additional 499,082 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Wipro by 30.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,014,597 shares of the information technology services provider’s stock valued at $2,151,000 after acquiring an additional 235,454 shares during the last quarter. Finally, Barometer Capital Management Inc. acquired a new position in Wipro in the 1st quarter valued at about $483,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

About Wipro

Wipro Limited (NYSE:WIT) is an India-based technology services and consulting company that helps businesses modernize operations, develop digital products and manage technology infrastructure. Its services include consulting, application development and management, cloud computing, cybersecurity, data and analytics, artificial intelligence, engineering, and business process services.

The company serves clients across industries including financial services, healthcare, consumer and retail, communications, energy, manufacturing, and technology.