Wipro Limited (WIT) Sees Large Volume Increase
Wipro Limited (NYSE:WIT) saw unusually-strong trading volume on Tuesday . Approximately 923,474 shares traded hands during trading, an increase of 51% from the previous session’s volume of 613,440 shares.The stock last traded at $10.75 and had previously closed at $10.66.
Several analysts have recently issued reports on WIT shares. HSBC cut shares of Wipro Limited from a “hold” rating to a “reduce” rating in a research report on Tuesday, August 9th. Zacks Investment Research upgraded shares of Wipro Limited from a “sell” rating to a “hold” rating in a research report on Tuesday, May 31st. Four analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Wipro Limited presently has an average rating of “Sell” and a consensus price target of $12.50.
The stock has a market cap of $26.40 billion and a P/E ratio of 20.24. The firm has a 50 day moving average price of $11.52 and a 200-day moving average price of $11.90.
Wipro Limited (NYSE:WIT) last announced its earnings results on Tuesday, July 19th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.02. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $2.02 billion. On average, equities research 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. Schwab Charles Investment Management Inc. increased its stake in shares of Wipro Limited (NYSE:WIT) by 17.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 217,128 shares of the company’s stock after buying an additional 32,144 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Wipro Limited were worth $2,506,000 as of its most recent SEC filing.
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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