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

Wipro Limited (NYSE:WIT)’s stock price hit a new 52-week low during mid-day trading on Thursday. The company traded as low as $1.6450 and last traded at $1.6550, with a volume of 1961638 shares changing hands. The stock had previously closed at $1.69.

Analyst Ratings Changes

A number of research analysts have weighed in on WIT shares. JPMorgan Chase & Co. downgraded shares of Wipro from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $2.20 to $1.70 in a research report on Wednesday, June 24th. Weiss Ratings raised shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 28th. Finally, CLSA cut shares of Wipro from a “hold” rating to an “underperform” rating in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Wipro presently has an average rating of “Strong Sell” and a consensus target price of $1.70.

Wipro Stock Up 0.9%

The company has a market cap of $16.37 billion, a PE ratio of 12.73, a P/E/G ratio of 3.74 and a beta of 0.95. The stock has a 50-day simple moving average of $1.84 and a 200 day simple moving average of $2.02.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. Wipro had a net margin of 13.93% and a return on equity of 15.40%. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.60 billion. As a group, research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WIT. QRG Capital Management Inc. boosted its stake in Wipro by 47.3% during the 2nd quarter. QRG Capital Management Inc. now owns 61,847 shares of the information technology services provider’s stock worth $139,000 after purchasing an additional 19,868 shares during the period. Tidal Investments LLC raised its holdings in shares of Wipro by 427.2% in the second quarter. Tidal Investments LLC now owns 271,584 shares of the information technology services provider’s stock valued at $611,000 after buying an additional 220,065 shares during the last quarter. Engineers Gate Manager LP boosted its stake in shares of Wipro by 241.0% during the second quarter. Engineers Gate Manager LP now owns 706,130 shares of the information technology services provider’s stock worth $1,589,000 after buying an additional 499,082 shares during the period. Nykredit A S purchased a new position in shares of Wipro during the second quarter worth about $3,505,000. Finally, Corient Private Wealth LP raised its stake in Wipro by 18.1% during the 2nd quarter. Corient Private Wealth LP now owns 762,207 shares of the information technology services provider’s stock valued at $1,715,000 after acquiring an additional 116,910 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

Wipro Limited (NYSE: WIT) is a global information technology, consulting and business process services company. It helps organizations modernize their technology environments, improve operational efficiency and develop digital capabilities through consulting, systems integration, application services and managed services.

Its offerings include cloud computing, cybersecurity, data and analytics, artificial intelligence, digital engineering, enterprise applications, infrastructure management and business process services.