ValuEngine downgraded shares of Wipro (NYSE:WIT) from a hold rating to a sell rating in a research report report published on Friday morning, ValuEngine reports.
Several other research firms have also recently weighed in on WIT. Nomura cut shares of Wipro from a neutral rating to a reduce rating in a report on Thursday, April 18th. Zacks Investment Research raised shares of Wipro from a sell rating to a hold rating in a report on Saturday, July 27th. Wedbush reissued an underperform rating on shares of Wipro in a report on Wednesday, July 17th. Finally, Macquarie cut shares of Wipro from an outperform rating to a neutral rating in a report on Tuesday, April 16th. Four investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock currently has an average rating of Sell and a consensus target price of $4.76.
Shares of NYSE WIT traded down $0.12 during midday trading on Friday, hitting $4.03. The stock had a trading volume of 1,368,809 shares, compared to its average volume of 1,557,691. The firm’s 50 day moving average is $4.27. The stock has a market cap of $24.55 billion, a P/E ratio of 18.32, a P/E/G ratio of 1.57 and a beta of 0.49. Wipro has a 52 week low of $3.62 and a 52 week high of $4.63. The company has a current ratio of 2.71, a quick ratio of 2.69 and a debt-to-equity ratio of 0.04.
Wipro (NYSE:WIT) last issued its earnings results on Wednesday, July 17th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.06. Wipro had a net margin of 15.65% and a return on equity of 16.57%. The firm had revenue of $139.80 million for the quarter, compared to the consensus estimate of $147.23 billion. The business’s quarterly revenue was down 5.0% on a year-over-year basis. Sell-side analysts expect that Wipro will post 0.24 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Lindbrook Capital LLC increased its holdings in Wipro by 50.1% during the first quarter. Lindbrook Capital LLC now owns 7,064 shares of the information technology services provider’s stock valued at $28,000 after buying an additional 2,358 shares during the last quarter. Ballentine Partners LLC purchased a new stake in Wipro during the second quarter valued at approximately $50,000. Stevens Capital Management LP purchased a new stake in Wipro during the first quarter valued at approximately $56,000. Janney Montgomery Scott LLC increased its holdings in Wipro by 33.3% during the first quarter. Janney Montgomery Scott LLC now owns 14,696 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 3,671 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Wipro during the first quarter valued at approximately $60,000. 2.23% of the stock is owned by hedge funds and other institutional investors.
Wipro Company Profile
Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.
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