Wipro (NYSE:WIT) Shares Gap Down – Here’s What Happened

Wipro Limited (NYSE:WIT) shares gapped down before the market opened 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Wipro Trading Down 3.4 %

The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The stock’s fifty day moving average price is $3.42 and its two-hundred day moving average price is $4.95. The stock has a market capitalization of $31.63 billion, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 3.08 and a beta of 0.94.

Wipro (NYSE:WIT) 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, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. Equities research analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Institutional Trading of Wipro

A number of institutional investors have recently made changes to their positions in the stock. Perigon Wealth Management LLC bought a new stake in Wipro during the 4th quarter valued at $61,000. Tobam purchased a new stake in shares of Wipro during the fourth quarter worth about $261,000. Van ECK Associates Corp grew its stake in shares of Wipro by 89.8% in the fourth quarter. Van ECK Associates Corp now owns 348,859 shares of the information technology services provider’s stock worth $1,235,000 after purchasing an additional 165,076 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Wipro by 93.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,589 shares of the information technology services provider’s stock valued at $307,000 after purchasing an additional 41,766 shares during the last quarter. Finally, Bleakley Financial Group LLC lifted its holdings in Wipro by 102.0% in the 4th quarter. Bleakley Financial Group LLC now owns 32,974 shares of the information technology services provider’s stock worth $117,000 after buying an additional 16,651 shares during the period. Hedge funds and other 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.