Wipro (NYSE:WIT) Shares Gap Up to $5.59

Shares of Wipro Limited (NYSE:WITGet Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $5.59, but opened at $5.76. Wipro shares last traded at $5.74, with a volume of 425,748 shares traded.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research report on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating and one has given a buy rating to the stock. According to MarketBeat, Wipro has a consensus rating of “Hold” and a consensus target price of $5.30.

View Our Latest Report on WIT

Wipro Stock Up 3.0 %

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.57 and a current ratio of 2.58. The company has a market cap of $30.06 billion, a price-to-earnings ratio of 22.36, a price-to-earnings-growth ratio of 3.81 and a beta of 0.86. The stock’s fifty day moving average is $5.42 and its two-hundred day moving average is $5.62.

Wipro (NYSE:WITGet Free Report) last posted its quarterly earnings data on Friday, April 19th. The information technology services provider reported $0.07 EPS for the quarter, meeting the consensus estimate of $0.07. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.65 billion. Wipro had a net margin of 12.29% and a return on equity of 15.60%. Sell-side analysts predict that Wipro Limited will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of WIT. BNP Paribas Financial Markets grew its position in shares of Wipro by 65.5% during the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock valued at $35,422,000 after acquiring an additional 2,437,802 shares during the period. Acadian Asset Management LLC boosted its holdings in Wipro by 50.1% in the 3rd quarter. Acadian Asset Management LLC now owns 6,786,259 shares of the information technology services provider’s stock worth $32,837,000 after buying an additional 2,265,859 shares during the period. Russell Investments Group Ltd. boosted its holdings in Wipro by 6,295.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock worth $10,260,000 after buying an additional 1,771,854 shares during the period. Toroso Investments LLC bought a new position in Wipro in the 3rd quarter worth approximately $5,591,000. Finally, Jane Street Group LLC boosted its holdings in Wipro by 292.0% in the 1st quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after buying an additional 1,001,644 shares during the period. 2.36% of the stock is owned by institutional investors.

About Wipro

(Get Free Report)

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.

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