Wipro (NYSE:WIT) Stock Price Down 4.1% – Here’s Why

Wipro Limited (NYSE:WIT)’s stock price dropped 4.1% during mid-day trading on Thursday . The company traded as low as $3.30 and last traded at $3.30. Approximately 567,888 shares were traded during trading, a decline of 83% from the average daily volume of 3,315,964 shares. The stock had previously closed at $3.44.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. StockNews.com cut Wipro from a “buy” rating to a “hold” rating in a report on Tuesday, January 7th. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Finally, UBS Group upgraded shares of Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. Three analysts have rated the stock with a sell rating, three have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.60.

Wipro Stock Performance

The stock has a market cap of $34.64 billion, a price-to-earnings ratio of 24.63, a PEG ratio of 4.55 and a beta of 0.91. The firm’s 50-day moving average price is $5.27 and its two-hundred day moving average price is $5.96. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. On average, analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in shares of Wipro by 0.8% in the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after purchasing an additional 87,682 shares during the last quarter. Millennium Management LLC lifted its position in Wipro by 67.6% in the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Wipro by 72.2% during the third quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after buying an additional 1,593,619 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Wipro by 116.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock worth $10,435,000 after buying an additional 867,516 shares during the period. Finally, Creative Planning raised its stake in shares of Wipro by 24.6% in the 3rd quarter. Creative Planning now owns 1,337,344 shares of the information technology services provider’s stock valued at $8,666,000 after acquiring an additional 263,925 shares during the period. 2.36% of the stock is currently owned by hedge funds and other 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.