Wipro (NYSE:WIT) Shares Gap Down – Here’s Why

Wipro Limited (NYSE:WIT) gapped down prior to trading on Friday . The stock had previously closed at $3.57, but opened at $3.46. Wipro shares last traded at $3.47, with a volume of 252,807 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on WIT shares. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Investec downgraded Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday. Finally, StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a report on Monday, December 30th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.60.

Wipro Trading Down 2.0 %

The firm has a market capitalization of $36.58 billion, a P/E ratio of 25.93, a price-to-earnings-growth ratio of 4.92 and a beta of 0.91. The stock has a 50-day simple moving average of $5.71 and a two-hundred day simple moving average of $6.07. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The firm had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. On average, equities research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

Several hedge funds have recently modified their holdings of the business. GAMMA Investing LLC raised its stake in Wipro by 37.8% in the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after buying an additional 2,426 shares in the last quarter. Abacus Wealth Partners LLC purchased a new position in shares of Wipro in the 3rd quarter valued at $71,000. Werba Rubin Papier Wealth Management bought a new position in shares of Wipro in the 3rd quarter worth $71,000. Catalytic Wealth RIA LLC purchased a new stake in shares of Wipro during the 3rd quarter worth $81,000. Finally, Bank of New York Mellon Corp boosted its position in Wipro by 16.7% during the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after purchasing an additional 2,104 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.