Wipro (NYSE:WIT) Trading Down 4.6% – What’s Next?

Wipro Limited (NYSE:WIT) shares traded down 4.6% on Thursday . The stock traded as low as $2.15 and last traded at $2.1650. 7,948,775 shares changed hands during trading, a decline of 34% from the average session volume of 11,954,255 shares. The stock had previously closed at $2.27.

Analysts Set New Price Targets

Separately, Morgan Stanley lowered Wipro to an “underweight” rating in a report on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Wipro presently has an average rating of “Reduce”.

Wipro Price Performance

The company has a fifty day moving average of $2.25 and a 200-day moving average of $2.56. The firm has a market capitalization of $22.36 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 6.07 and a beta of 1.06.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Wipro had a return on equity of 15.35% and a net margin of 14.61%. Equities analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Institutional Trading of Wipro

Hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP grew its position in shares of Wipro by 8.6% in the third quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock valued at $43,801,000 after purchasing an additional 1,317,586 shares during the last quarter. Caprock Group LLC bought a new position in shares of Wipro in the third quarter worth about $694,000. JPMorgan Chase & Co. increased its stake in shares of Wipro by 24.2% in the third quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider’s stock worth $18,665,000 after purchasing an additional 1,384,264 shares during the period. Ethic Inc. increased its stake in shares of Wipro by 20.1% in the third quarter. Ethic Inc. now owns 1,244,542 shares of the information technology services provider’s stock worth $3,273,000 after purchasing an additional 208,091 shares during the period. Finally, Thrivent Financial for Lutherans bought a new position in shares of Wipro in the third quarter worth about $1,890,000. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

About Wipro

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.