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

Wipro Limited (NYSE:WIT)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $2.03 and last traded at $2.0250, with a volume of 1358096 shares changing hands. The stock had previously closed at $2.11.

Analysts Set New Price Targets

WIT has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday. Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Reduce”.

Wipro Price Performance

The business has a 50-day moving average of $2.20 and a two-hundred day moving average of $2.54. The company has a market cap of $21.42 billion, a P/E ratio of 14.61, a P/E/G ratio of 4.45 and a beta of 1.06.

Wipro (NYSE:WIT) last announced its earnings results on Friday, April 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. Equities analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

A number of institutional investors and hedge funds have recently modified their holdings of the company. rebel Financial LLC acquired a new position in shares of Wipro in the 1st quarter valued at $25,000. Walkner Condon Financial Advisors LLC acquired a new position in shares of Wipro in the third quarter worth about $27,000. Interchange Capital Partners LLC acquired a new position in shares of Wipro in the third quarter worth about $27,000. Tanager Wealth Management LLP acquired a new position in shares of Wipro in the first quarter worth about $28,000. Finally, Sapient Capital LLC acquired a new position in shares of Wipro in the fourth quarter worth about $29,000. Institutional investors and hedge funds 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.