Wipro (NYSE:WIT) Reaches New 1-Year Low – What’s Next?

Wipro Limited (NYSE:WIT)’s stock price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $2.12 and last traded at $2.1350, with a volume of 13191195 shares trading hands. The stock had previously closed at $2.19.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WIT. Morgan Stanley lowered Wipro to an “underweight” rating in a research note on Monday, January 19th. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Wipro Price Performance

The company has a 50 day simple moving average of $2.67 and a 200-day simple moving average of $2.70. The stock has a market cap of $22.36 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 8.74 and a beta of 1.05.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.63 billion. Wipro had a return on equity of 15.35% and a net margin of 14.61%. As a group, research analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

Institutional investors have recently made changes to their positions in the business. Allworth Financial LP grew its holdings in shares of Wipro by 17.3% during the 4th quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider’s stock valued at $80,000 after purchasing an additional 4,153 shares during the last quarter. Tidal Investments LLC boosted its position in Wipro by 19.3% during 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 grew its stake in shares of Wipro by 11.7% during 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 last quarter. Fragasso Financial Advisors Inc increased its holdings in shares of Wipro by 30.5% in the third quarter. Fragasso Financial Advisors Inc now owns 19,317 shares of the information technology services provider’s stock worth $51,000 after buying an additional 4,511 shares during the period. Finally, Diversified Trust Co lifted its stake in shares of Wipro by 6.5% in the 3rd quarter. Diversified Trust Co now owns 82,813 shares of the information technology services provider’s stock valued at $218,000 after acquiring an additional 5,036 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Company Profile

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.