Wipro (NYSE:WIT) Stock Price Up 10% – Here’s Why

Shares of Wipro Limited (NYSE:WIT) traded up 10% during trading on Thursday . The company traded as high as $2.21 and last traded at $2.2550. 3,989,820 shares changed hands during trading, a decline of 66% from the average session volume of 11,739,617 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Wipro Stock Performance

The stock has a market cap of $24.46 billion, a P/E ratio of 16.68, a price-to-earnings-growth ratio of 4.51 and a beta of 0.92. The company’s 50 day moving average price is $2.08 and its 200-day moving average price is $2.43.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Wipro had a net margin of 14.25% and a return on equity of 14.97%. The firm had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.65 billion. On average, analysts forecast that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Institutional investors have recently made changes to their positions in the company. rebel Financial LLC bought a new stake in shares of Wipro in the 1st quarter worth $25,000. Commonwealth Financial Services LLC bought a new stake in shares of Wipro in the 1st quarter worth $25,000. Interchange Capital Partners LLC bought a new stake in shares of Wipro in the 3rd quarter worth $27,000. Tanager Wealth Management LLP bought a new stake in shares of Wipro in the 1st quarter worth $28,000. Finally, Sapient Capital LLC bought a new stake in shares of Wipro in the 4th quarter worth $29,000. 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.