Wipro (NYSE:WIT) Stock Price Down 11.8% – Here’s What Happened

Shares of Wipro Limited (NYSE:WIT) were down 11.8% on Wednesday . The stock traded as low as $1.95 and last traded at $1.9850. 5,712,740 shares were traded during mid-day trading, a decline of 53% from the average session volume of 12,113,313 shares. The stock had previously closed at $2.25.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on WIT shares. Weiss Ratings raised Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday. JPMorgan Chase & Co. downgraded Wipro from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $2.20 to $1.70 in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $1.70.

Wipro Stock Performance

The company has a market capitalization of $19.75 billion, a P/E ratio of 13.46, a P/E/G ratio of 4.10 and a beta of 0.97. The company has a 50-day simple moving average of $2.11 and a 200 day simple moving average of $2.34.

Wipro (NYSE:WIT) last announced its quarterly earnings data 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. The business had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. As a group, sell-side analysts forecast that Wipro Limited will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in shares of Wipro by 19.8% in the first quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock valued at $369,000 after buying an additional 19,901 shares in the last quarter. NewEdge Advisors LLC lifted its position in Wipro by 87.0% during the 1st quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock worth $828,000 after buying an additional 125,967 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Wipro by 22.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock worth $31,683,000 after acquiring an additional 1,864,943 shares during the last quarter. Jane Street Group LLC grew its holdings in Wipro by 184.9% during the 1st quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock worth $687,000 after acquiring an additional 145,658 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Wipro by 14.3% in the 2nd quarter. Geode Capital Management LLC now owns 107,021 shares of the information technology services provider’s stock valued at $323,000 after acquiring an additional 13,363 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

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.