Wipro Limited (NYSE:WIT – Get Rating)'s stock price reached a new 52-week low on Thursday . The stock traded as low as $4.85 and last traded at $4.86, with a volume of 10758 shares. The stock had previously closed at $4.91.
Analysts Set New Price Targets
Several research analysts have weighed in on the company. Jefferies Financial Group lowered Wipro from a "hold" rating to an "underperform" rating and lowered their price target for the stock from $7.30 to $4.70 in a research report on Friday, July 8th. StockNews.com lowered Wipro from a "buy" rating to a "hold" rating in a research report on Wednesday, June 29th. Wedbush reaffirmed an "underperform" rating on shares of Wipro in a research report on Wednesday, July 20th. The Goldman Sachs Group raised Wipro from a "sell" rating to a "buy" rating and set a $4.87 target price on the stock in a report on Tuesday, September 13th. They noted that the move was a valuation call. Finally, Morgan Stanley lowered Wipro from an "overweight" rating to an "underweight" rating in a report on Thursday, July 14th. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $4.79.
Get Wipro alerts:Wipro Price Performance
The company has a 50 day moving average of $5.19 and a 200-day moving average of $6.02. The firm has a market capitalization of $26.14 billion, a P/E ratio of 17.70, a P/E/G ratio of 2.02 and a beta of 0.83. The company has a current ratio of 1.95, a quick ratio of 1.94 and a debt-to-equity ratio of 0.09.
Wipro (NYSE:WIT – Get Rating) last released its quarterly earnings results on Wednesday, July 20th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.02). The firm had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.75 billion. Wipro had a net margin of 14.06% and a return on equity of 17.66%. On average, sell-side analysts predict that Wipro Limited will post 0.27 EPS for the current year.Institutional Trading of Wipro
Several institutional investors have recently added to or reduced their stakes in the company. MQS Management LLC boosted its stake in Wipro by 15.2% in the 1st quarter. MQS Management LLC now owns 13,242 shares of the information technology services provider's stock valued at $102,000 after purchasing an additional 1,745 shares during the period. Lindbrook Capital LLC lifted its position in shares of Wipro by 31.0% during the 1st quarter. Lindbrook Capital LLC now owns 8,000 shares of the information technology services provider's stock valued at $62,000 after acquiring an additional 1,895 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Wipro by 4.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 47,432 shares of the information technology services provider's stock valued at $366,000 after acquiring an additional 2,234 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in shares of Wipro by 7.9% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 39,844 shares of the information technology services provider's stock valued at $307,000 after acquiring an additional 2,917 shares during the period. Finally, Mariner LLC lifted its position in shares of Wipro by 8.3% during the 1st quarter. Mariner LLC now owns 38,631 shares of the information technology services provider's stock valued at $298,000 after acquiring an additional 2,970 shares during the period. 2.13% of the stock is currently owned by institutional investors.
About Wipro
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Wipro Limited operates as information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.
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