Quadrant Capital Group LLC Sells 706,466 Shares of Wipro Limited $WIT

Quadrant Capital Group LLC decreased its stake in Wipro Limited (NYSE:WIT) by 48.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 747,432 shares of the information technology services provider’s stock after selling 706,466 shares during the period. Quadrant Capital Group LLC’s holdings in Wipro were worth $1,345,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in WIT. Caitong International Asset Management Co. Ltd bought a new position in shares of Wipro during the fourth quarter worth about $29,000. rebel Financial LLC bought a new stake in Wipro in the first quarter valued at approximately $25,000. Commonwealth Financial Services LLC bought a new stake in Wipro in the first quarter valued at approximately $25,000. Wealthcare Advisory Partners LLC acquired a new stake in Wipro during the 2nd quarter valued at approximately $28,000. Finally, Nolet Wealth Management LLC acquired a new stake in Wipro during the 2nd quarter valued at approximately $28,000. 2.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on WIT. CLSA lowered shares of Wipro from a “hold” rating to an “underperform” rating in a report on Wednesday, August 19th. Weiss Ratings lowered shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, October 2nd. Four research analysts have rated the stock with a Sell rating. According to MarketBeat.com, the stock currently has an average rating of “Strong Sell” and an average price target of $1.70.

Wipro Trading Down 3.4%

Shares of WIT stock opened at $2.12 on Friday. The firm has a market capitalization of $20.92 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 4.38 and a beta of 0.97. The firm has a fifty day simple moving average of $1.79 and a two-hundred day simple moving average of $1.96. Wipro Limited has a 12 month low of $1.59 and a 12 month high of $3.09.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, October 15th. The information technology services provider reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.58 billion. Wipro had a net margin of 13.58% and a return on equity of 15.64%. On average, equities analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Wipro Profile

Wipro Limited is a global information technology, consulting and business process services company headquartered in Bengaluru, India. The company helps organizations modernize their technology operations, improve business processes and implement digital transformation initiatives.

Wipro provides services including cloud computing, cybersecurity, data and analytics, artificial intelligence, application development and management, engineering, infrastructure services, and business process services.