Wipro (NYSE:WIT) Reaches New 12-Month Low – What’s Next?

Shares of Wipro Limited (NYSE:WIT) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.73 and last traded at $1.7350, with a volume of 470703 shares trading hands. The stock had previously closed at $1.81.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $2.20 to $1.70 in a research note on Wednesday, June 24th. CLSA lowered Wipro from a “hold” rating to an “underperform” rating in a report on Wednesday, August 19th. Finally, Weiss Ratings upgraded Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Strong Sell” and a consensus target price of $1.70.

Wipro Trading Down 3.2%

The company has a market cap of $16.57 billion, a PE ratio of 12.89, a PEG ratio of 3.95 and a beta of 0.95. The business’s 50 day moving average is $1.88 and its two-hundred day moving average is $2.06.

Wipro (NYSE:WIT) last issued 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. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.60 billion. Wipro had a return on equity of 15.40% and a net margin of 13.93%. As a group, equities research analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

Several institutional investors have recently made changes to their positions in WIT. rebel Financial LLC purchased a new position in Wipro in the 1st quarter worth approximately $25,000. Commonwealth Financial Services LLC purchased a new stake in Wipro during the 1st quarter valued at approximately $25,000. Tanager Wealth Management LLP purchased a new stake in Wipro during the 1st quarter valued at approximately $28,000. Nolet Wealth Management LLC bought a new stake in shares of Wipro during the second quarter valued at approximately $28,000. Finally, Wealthcare Advisory Partners LLC bought a new stake in shares of Wipro during the second quarter valued at approximately $28,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

Wipro Limited (NYSE: WIT) is a global information technology, consulting and business process services company. It helps organizations modernize their technology environments, improve operational efficiency and develop digital capabilities through consulting, systems integration, application services and managed services.

Its offerings include cloud computing, cybersecurity, data and analytics, artificial intelligence, digital engineering, enterprise applications, infrastructure management and business process services.