Wipro (NYSE:WIT) Sets New 12-Month Low – Here’s What Happened

Wipro Limited (NYSE:WIT)’s share price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $1.80 and last traded at $1.8250, with a volume of 236960 shares changing hands. The stock had previously closed at $1.83.

Wall Street Analyst Weigh In

WIT has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered shares of Wipro from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $2.20 to $1.70 in a research note on Wednesday, June 24th. Weiss Ratings upgraded shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, June 29th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $1.70.

Wipro Stock Up 1.4%

The firm has a market capitalization of $19.64 billion, a price-to-earnings ratio of 13.39, a P/E/G ratio of 3.98 and a beta of 0.97. The company has a fifty day moving average price of $2.08 and a two-hundred day moving average price of $2.30.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts’ consensus estimates of $0.04. The business had revenue of $2.59 billion for 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%. On average, equities analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

Hedge funds and other institutional investors have recently made changes to their positions in the stock. rebel Financial LLC acquired a new position in Wipro in the 1st quarter valued at about $25,000. Commonwealth Financial Services LLC purchased a new position in shares of Wipro in the 1st quarter valued at approximately $25,000. Tanager Wealth Management LLP purchased a new position in shares of Wipro in the 1st quarter valued at approximately $28,000. Nolet Wealth Management LLC acquired a new position in shares of Wipro in the second quarter valued at approximately $28,000. Finally, Wealthcare Advisory Partners LLC acquired a new position in shares of Wipro in the second quarter valued at approximately $28,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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.