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

Wipro Limited (NYSE:WIT) gapped down prior to trading on Friday . The stock had previously closed at $2.43, but opened at $2.22. Wipro shares last traded at $2.2950, with a volume of 5,375,272 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Wipro presently has an average rating of “Reduce”.

Wipro Stock Performance

The business’s 50 day moving average is $2.08 and its 200 day moving average is $2.43. The stock has a market cap of $23.41 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 4.49 and a beta of 0.92.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a net margin of 14.25% and a return on equity of 14.97%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.65 billion. Research analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its position in Wipro by 17.3% in the fourth quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider’s stock valued at $80,000 after buying an additional 4,153 shares in the last quarter. Tidal Investments LLC lifted its holdings in Wipro by 19.3% in the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after buying an additional 4,403 shares during the period. Lido Advisors LLC lifted its holdings in Wipro by 11.7% in the fourth quarter. Lido Advisors LLC now owns 42,485 shares of the information technology services provider’s stock valued at $118,000 after buying an additional 4,454 shares during the period. Cresset Asset Management LLC lifted its holdings in Wipro by 10.2% in the second quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock valued at $169,000 after buying an additional 5,166 shares during the period. Finally, Deutsche Bank AG raised its holdings in Wipro by 0.6% in the fourth quarter. Deutsche Bank AG now owns 813,925 shares of the information technology services provider’s stock worth $2,312,000 after purchasing an additional 5,168 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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.