CLSA Reaffirms “Underperform” Rating for Wipro (NYSE:WIT)

Wipro (NYSE:WIT)‘s stock had its “underperform” rating reissued by equities researchers at CLSA in a research report issued to clients and investors on Wednesday, MarketBeat.com reports.

Other equities analysts have also issued reports about the company. Weiss Ratings upgraded Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. downgraded shares of Wipro from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Strong Sell” and an average target price of $1.70.

Wipro Trading Up 0.8%

Shares of Wipro stock traded up $0.01 on Wednesday, reaching $1.93. 442,135 shares of the stock were exchanged, compared to its average volume of 11,498,831. Wipro has a 1-year low of $1.75 and a 1-year high of $3.09. The firm has a market capitalization of $19.04 billion, a PE ratio of 14.81, a PEG ratio of 4.43 and a beta of 0.98. The business has a fifty day moving average price of $2.02 and a two-hundred day moving average price of $2.13.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 17th. The information technology services provider reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. Wipro had a net margin of 13.93% and a return on equity of 15.40%. The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.60 billion. Research analysts expect that Wipro will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

Several hedge funds have recently made changes to their positions in the business. rebel Financial LLC bought a new stake in Wipro during the first quarter worth about $25,000. Commonwealth Financial Services LLC purchased a new stake in shares of Wipro during the 1st quarter valued at about $25,000. Tanager Wealth Management LLP purchased a new position in shares of Wipro in the first quarter worth approximately $28,000. Nolet Wealth Management LLC bought a new stake in shares of Wipro during the 2nd quarter valued at $28,000. Finally, Wealthcare Advisory Partners LLC purchased a new stake in shares of Wipro in the 2nd quarter worth $28,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

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.