Wipro (NYSE:WIT) Shares Up 9.3% – Here’s Why

Wipro Limited (NYSE:WIT) shares shot up 9.3% on Tuesday . The stock traded as high as $2.52 and last traded at $2.5250. 19,276,947 shares traded hands during trading, an increase of 77% from the average session volume of 10,869,037 shares. The stock had previously closed at $2.31.

Analyst Ratings Changes

Separately, Morgan Stanley downgraded Wipro to an “underweight” rating in a research report on Monday, January 19th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce”.

Wipro Trading Up 8.9%

The firm’s fifty day moving average is $2.54 and its 200-day moving average is $2.67. The stock has a market capitalization of $26.34 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 9.26 and a beta of 1.07.

Wipro (NYSE:WIT) last released its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.35% and a net margin of 14.61%.The company had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $2.63 billion. As a group, equities analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Wipro

Several large investors have recently modified their holdings of WIT. Walkner Condon Financial Advisors LLC acquired a new position in Wipro during the 3rd quarter worth approximately $27,000. Interchange Capital Partners LLC purchased a new position in Wipro in the third quarter worth $27,000. Sapient Capital LLC acquired a new stake in Wipro in the fourth quarter valued at $29,000. Axxcess Wealth Management LLC purchased a new stake in shares of Wipro during the 4th quarter worth $29,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Wipro during the 4th quarter worth $29,000. Hedge funds and other 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.