Wipro (NYSE:WIT) Stock Price Down 4.1% - What's Next?

Wipro Limited (NYSE:WIT - Get Free Report) fell 4.1% on Thursday . The stock traded as low as $3.30 and last traded at $3.30. 567,888 shares traded hands during trading, a decline of 83% from the average session volume of 3,315,964 shares. The stock had previously closed at $3.44.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on WIT shares. HSBC upgraded Wipro from a "reduce" rating to a "hold" rating in a research note on Monday, December 9th. StockNews.com cut Wipro from a "buy" rating to a "hold" rating in a research report on Tuesday, January 7th. Investec downgraded Wipro from a "hold" rating to a "sell" rating in a research note on Thursday, October 3rd. Finally, UBS Group upgraded shares of Wipro from a "sell" rating to a "neutral" rating in a research note on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $5.20.

Wipro Price Performance

The business has a 50-day moving average of $5.13 and a two-hundred day moving average of $5.92. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The firm has a market cap of $35.90 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 4.55 and a beta of 0.91.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting analysts' consensus estimates of $0.07. Wipro had a return on equity of 14.98% and a net margin of 13.23%. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.66 billion. On average, sell-side analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

Large investors have recently modified their holdings of the business. Frank Rimerman Advisors LLC acquired a new stake in Wipro in the second quarter valued at $531,000. Segall Bryant & Hamill LLC bought a new stake in shares of Wipro in the 3rd quarter valued at about $610,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Wipro in the third quarter valued at about $860,000. AQR Capital Management LLC raised its position in shares of 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 last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Wipro by 207.4% in the third quarter. Blue Trust Inc. now owns 183,008 shares of the information technology services provider's stock worth $1,116,000 after acquiring an additional 123,478 shares during the period. Institutional investors own 2.36% of the company's stock.

Wipro Company Profile

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.