Wipro (NYSE:WIT) Shares Gap Down to $6.26

Shares of Wipro Limited (NYSE:WIT) gapped down before the market opened on Thursday . The stock had previously closed at $6.26, but opened at $6.13. Wipro shares last traded at $6.16, with a volume of 36,122 shares.

Wall Street Analysts Forecast Growth

WIT has been the topic of a number of research analyst reports. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research note on Tuesday, July 2nd. StockNews.com cut shares of Wipro from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Nomura started coverage on shares of Wipro in a report on Tuesday, July 2nd. They set a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wipro currently has an average rating of “Hold” and an average target price of $5.60.

Wipro Price Performance

The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.08. The company has a 50 day moving average of $6.11 and a 200-day moving average of $5.84. The firm has a market capitalization of $31.99 billion, a P/E ratio of 24.52, a P/E/G ratio of 4.13 and a beta of 0.90.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a return on equity of 15.01% and a net margin of 12.57%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.65 billion. During the same quarter last year, the firm earned $0.06 earnings per share. On average, sell-side analysts predict that Wipro Limited will post 0.27 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after buying an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Wipro during the first quarter worth about $60,000. Intelligence Driven Advisers LLC bought a new position in Wipro in the 4th quarter valued at about $61,000. Mayflower Financial Advisors LLC acquired a new position in shares of Wipro in the 2nd quarter valued at approximately $64,000. Finally, Atomi Financial Group Inc. lifted its holdings in shares of Wipro by 29.4% during the 1st quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after acquiring an additional 3,023 shares during the period. Institutional investors and hedge funds 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 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.