Wipro (NYSE:WIT) Shares Gap Down – What’s Next?

Wipro Limited (NYSE:WIT) shares gapped down prior to trading on Friday . The stock had previously closed at $2.84, but opened at $2.77. Wipro shares last traded at $2.79, with a volume of 1,677,088 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on WIT shares. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. Jefferies Financial Group downgraded shares of Wipro from a “hold” rating to an “underperform” rating in a report on Tuesday, April 8th. Finally, UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Wipro Stock Down 0.2 %

The stock’s fifty day moving average is $3.23 and its two-hundred day moving average is $4.64. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The firm has a market cap of $29.65 billion, a P/E ratio of 19.55, a price-to-earnings-growth ratio of 3.08 and a beta of 0.96.

Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. As a group, research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

A number of hedge funds have recently made changes to their positions in WIT. Franklin Resources Inc. raised its position in Wipro by 9.1% during the third quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after purchasing an additional 2,951 shares in the last quarter. Ridgewood Investments LLC increased its position in shares of Wipro by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 3,557 shares during the last quarter. Bell Investment Advisors Inc raised its holdings in shares of Wipro by 100.0% during the 4th quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 3,631 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Wipro by 148.3% in the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock worth $29,000 after buying an additional 4,851 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Wipro by 10.1% in the fourth quarter. Geode Capital Management LLC now owns 68,860 shares of the information technology services provider’s stock worth $244,000 after buying an additional 6,323 shares in the last quarter. 2.36% of the stock is owned by institutional investors.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. 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.