Wipro Limited (WIT) Shares Down 1.2%
Wipro Limited (NYSE:WIT)’s share price fell 1.2% during trading on Thursday . The company traded as low as $10.89 and last traded at $10.91, with a volume of 341,405 shares. The stock had previously closed at $11.04.
A number of research firms have recently commented on WIT. HSBC downgraded shares of Wipro Limited from a “hold” rating to a “reduce” rating in a research note on Tuesday, August 9th. Zacks Investment Research downgraded shares of Wipro Limited from a “hold” rating to a “sell” rating in a research note on Wednesday, June 29th. Citigroup Inc. downgraded shares of Wipro Limited from a “neutral” rating to a “sell” rating in a research note on Thursday, April 21st. Finally, Credit Suisse Group AG downgraded shares of Wipro Limited from an “outperform” rating to a “neutral” rating in a research note on Wednesday, April 20th. Four analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The stock presently has an average rating of “Sell” and a consensus target price of $12.50.
The stock’s 50 day moving average is $11.63 and its 200 day moving average is $11.92. The stock has a market capitalization of $26.82 billion and a price-to-earnings ratio of 20.53.
Wipro Limited (NYSE:WIT) last released its earnings results on Tuesday, July 19th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.02. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $2.02 billion. Analysts predict that Wipro Limited will post $0.55 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Wipro Limited stock. Comerica Bank boosted its stake in shares of Wipro Limited (NYSE:WIT) by 4.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,668 shares of the company’s stock after buying an additional 5,998 shares during the period. Comerica Bank’s holdings in Wipro Limited were worth $1,481,000 at the end of the most recent reporting period.
Wipro Limited (Wipro) is a global information technology (IT) services provider. The Company operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, business process services, research and development and hardware and software design to the enterprises worldwide.
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