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

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

Analysts Set New Price Targets

Several brokerages recently commented on WIT. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $2.20 to $1.70 in a report on Wednesday, June 24th. Weiss Ratings raised shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $1.70.

Wipro Stock Performance

The stock has a market cap of $20.59 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 4.75 and a beta of 0.97. The company has a 50-day simple moving average of $2.12 and a two-hundred day simple moving average of $2.36.

Wipro (NYSE:WIT) last released its earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $2.59 billion during the quarter, compared to analysts’ expectations 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 predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Axxcess Wealth Management LLC acquired a new stake in Wipro in the 4th quarter valued at about $29,000. Guggenheim Capital LLC acquired a new position in Wipro during the fourth quarter worth approximately $29,000. Sapient Capital LLC bought a new stake in Wipro in the fourth quarter valued at approximately $29,000. Curi Capital LLC bought a new stake in Wipro in the second quarter valued at approximately $31,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Wipro in the fourth quarter valued at approximately $29,000. 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.