Wipro (NYSE:WIT) Trading Up 9.3% – What’s Next?

Shares of Wipro Limited (NYSE:WIT) shot up 9.3% during mid-day trading on Tuesday . The company traded as high as $2.52 and last traded at $2.5250. 19,276,947 shares traded hands during trading, an increase of 77% from the average session volume of 10,869,037 shares. The stock had previously closed at $2.31.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley lowered Wipro to an “underweight” rating in a research note on Monday, January 19th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce”.

Wipro Stock Down 2.3%

The firm has a 50-day moving average price of $2.53 and a two-hundred day moving average price of $2.67. The company has a market capitalization of $24.25 billion, a P/E ratio of 16.54, a PEG ratio of 10.18 and a beta of 1.07.

Wipro (NYSE:WIT) last announced its earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a net margin of 14.61% and a return on equity of 15.35%. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $2.63 billion. On average, analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in Wipro by 19.8% during the first quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock worth $369,000 after buying an additional 19,901 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Wipro by 87.0% in the 1st quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock worth $828,000 after acquiring an additional 125,967 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Wipro by 22.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock worth $31,683,000 after purchasing an additional 1,864,943 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Wipro by 184.9% during the 1st quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock worth $687,000 after purchasing an additional 145,658 shares in the last quarter. Finally, Atria Investments Inc bought a new stake in shares of Wipro during the second quarter valued at approximately $203,000. 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.