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

Shares of Wipro Limited (NYSE:WIT) gapped down prior to trading 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 traded.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a research note on Thursday. Nomura Securities upgraded Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. Finally, Nomura started coverage on Wipro in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Wipro presently has a consensus rating of “Hold” and an average price target of $5.60.

Wipro Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70. The business’s fifty day simple moving average is $6.11 and its 200 day simple moving average is $5.84. The stock has a market cap of $31.99 billion, a price-to-earnings ratio of 24.52, a price-to-earnings-growth ratio of 4.13 and a beta of 0.90.

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

Hedge Funds Weigh In On Wipro

A number of hedge funds and other institutional investors have recently bought and sold shares of WIT. Newport Capital Group LLC bought a new position in Wipro during the 2nd quarter valued at $105,000. Creative Planning boosted its stake in Wipro by 26.8% during the second quarter. Creative Planning now owns 1,073,419 shares of the information technology services provider’s stock valued at $6,548,000 after buying an additional 226,915 shares in the last quarter. Millennium Management LLC boosted its stake in Wipro by 67.6% during 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 in the last quarter. AQR Capital Management LLC grew its holdings in Wipro by 12.9% during the second quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock worth $4,223,000 after acquiring an additional 79,431 shares during the period. Finally, Squarepoint Ops LLC raised its position in Wipro by 143.4% in the second quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider’s stock worth $5,009,000 after acquiring an additional 483,893 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Company Profile

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.