Wipro (NYSE:WIT) Shares Gap Down – Here’s Why

Wipro Limited (NYSE:WIT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $3.13, but opened at $3.04. Wipro shares last traded at $3.05, with a volume of 293,236 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. Finally, HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wipro has an average rating of “Moderate Buy”.

Wipro Stock Performance

The company has a market capitalization of $31.63 billion, a PE ratio of 20.86, a PEG ratio of 3.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. The business’s 50-day moving average is $3.42 and its 200-day moving average is $4.95.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. On average, research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Glenmede Trust Co. NA increased its holdings in Wipro by 4.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after buying an additional 1,746 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Wipro by 9.1% during the third quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after purchasing an additional 2,951 shares during the last quarter. Ridgewood Investments LLC lifted its position in Wipro by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 3,557 shares during the period. Bell Investment Advisors Inc boosted its holdings in Wipro by 100.0% in the fourth quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 3,631 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in Wipro by 148.3% in the 4th quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 4,851 shares during the period. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

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.