Wipro (NYSE:WIT) Shares Gap Down – What’s Next?

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

Analysts Set New Price Targets

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

Wipro Price Performance

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 firm has a fifty day simple moving average of $3.41 and a two-hundred day simple moving average of $4.92. The firm has a market cap of $31.74 billion, a PE ratio of 20.93, a PEG ratio of 3.08 and a beta of 0.94.

Wipro (NYSE:WIT) last posted its earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. Equities analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP increased its stake in Wipro by 34.3% during the fourth quarter. Wellington Management Group LLP now owns 1,769,600 shares of the information technology services provider’s stock worth $6,264,000 after acquiring an additional 451,820 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Wipro by 163.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 283,234 shares of the information technology services provider’s stock valued at $1,003,000 after purchasing an additional 175,833 shares during the last quarter. BIP Alliance LLC purchased a new stake in Wipro during the 4th quarter valued at $170,000. Vise Technologies Inc. boosted its stake in Wipro by 407.8% during the fourth quarter. Vise Technologies Inc. now owns 53,518 shares of the information technology services provider’s stock worth $189,000 after buying an additional 42,978 shares during the period. Finally, Focus Partners Advisor Solutions LLC purchased a new stake in shares of Wipro in the fourth quarter valued at $35,000. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

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.