Wipro (NYSE:WIT) Hits New 52-Week Low – Here’s What Happened

Wipro Limited (NYSE:WIT) shares reached a new 52-week low on Monday . The stock traded as low as $2.46 and last traded at $2.4550, with a volume of 188223 shares changing hands. The stock had previously closed at $2.51.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on WIT. Morgan Stanley cut shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. CLSA cut Wipro from an “outperform” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a research note on Thursday, October 30th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Wipro presently has an average rating of “Reduce”.

Wipro Stock Performance

The firm has a market capitalization of $25.72 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 10.02 and a beta of 1.05. The business’s 50 day moving average is $2.79 and its two-hundred day moving average is $2.74.

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

Institutional Trading of Wipro

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in Wipro by 19.8% during the 1st quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock valued at $369,000 after purchasing an additional 19,901 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Wipro by 87.0% during the 1st quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock valued at $828,000 after purchasing an additional 125,967 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Wipro by 22.0% during the first quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock valued at $31,683,000 after buying an additional 1,864,943 shares during the period. Jane Street Group LLC raised its stake in Wipro by 184.9% in the first quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock worth $687,000 after buying an additional 145,658 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in Wipro by 78.8% in the second quarter. QRG Capital Management Inc. now owns 123,313 shares of the information technology services provider’s stock worth $372,000 after buying an additional 54,337 shares during the period. Institutional investors own 2.36% of the company’s stock.

About Wipro

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.