Wipro (NYSE:WIT) Shares Gap Down - Here's What Happened

Shares of Wipro Limited (NYSE:WIT - Get Free Report) 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 changing hands.

Wall Street Analyst Weigh In

A number of research firms have issued reports on WIT. StockNews.com upgraded Wipro from a "hold" rating to a "buy" rating in a research note on Monday, January 20th. UBS Group upgraded shares of Wipro from a "sell" rating to a "neutral" rating in a research report on Thursday, January 2nd. Finally, HSBC upgraded shares of Wipro from a "reduce" rating to a "hold" rating in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy".

Wipro Trading Down 0.2 %

The stock has a 50 day moving average of $3.41 and a 200-day moving average of $4.89. The company has a market capitalization of $31.95 billion, a P/E ratio of 21.07, a P/E/G ratio of 3.08 and a beta of 0.94. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07.

Wipro (NYSE:WIT - Get Free Report) last announced its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. On average, research analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

A number of hedge funds have recently made changes to their positions in the business. Glenmede Trust Co. NA lifted 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 purchasing an additional 1,746 shares in the last quarter. Franklin Resources Inc. boosted its position 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 worth $233,000 after acquiring an additional 2,951 shares during the last quarter. Ridgewood Investments LLC increased its holdings in Wipro by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 3,557 shares during the last quarter. Bell Investment Advisors Inc increased its holdings in Wipro by 100.0% in the 4th quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider's stock valued at $26,000 after acquiring an additional 3,631 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Wipro by 148.3% during the 4th quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock valued at $29,000 after purchasing an additional 4,851 shares during the last quarter. 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.