Wipro (NYSE:WIT) Sets New 52-Week Low – Here’s What Happened

Shares of Wipro Limited (NYSE:WIT) hit a new 52-week low on Thursday . The stock traded as low as $1.80 and last traded at $1.8250, with a volume of 1198492 shares. The stock had previously closed at $1.84.

Analysts Set New Price Targets

A number of research firms recently issued reports on WIT. JPMorgan Chase & Co. downgraded shares of Wipro from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $2.20 to $1.70 in a report on Wednesday, June 24th. Weiss Ratings downgraded shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday. One analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Strong Sell” and a consensus price target of $1.70.

Wipro Price Performance

The stock has a market cap of $19.43 billion, a PE ratio of 14.27, a P/E/G ratio of 3.98 and a beta of 0.97. The stock has a 50-day simple moving average of $2.07 and a 200-day simple moving average of $2.27.

Wipro (NYSE:WIT) last released its quarterly earnings data on Thursday, July 16th. The information technology services provider reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.60 billion. Wipro had a return on equity of 14.80% and a net margin of 13.93%. As a group, equities research analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WIT. rebel Financial LLC purchased a new stake in Wipro during the first quarter worth approximately $25,000. Commonwealth Financial Services LLC purchased a new position in shares of Wipro in the 1st quarter valued at $25,000. Tanager Wealth Management LLP purchased a new position in shares of Wipro in the 1st quarter valued at $28,000. Nolet Wealth Management LLC acquired a new position in shares of Wipro during the 2nd quarter valued at $28,000. Finally, Wealthcare Advisory Partners LLC purchased a new stake in Wipro during the 2nd quarter worth $28,000. 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.