Wipro (NYSE:WIT) Stock Price Up 10% – Here’s Why

Wipro Limited (NYSE:WIT) traded up 10% during mid-day trading on Thursday . The company traded as high as $2.21 and last traded at $2.2550. 3,989,820 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 11,739,617 shares. The stock had previously closed at $2.05.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 22nd. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Wipro has an average rating of “Reduce”.

Wipro Trading Up 13.9%

The stock’s 50-day moving average is $2.08 and its 200-day moving average is $2.43. The company has a market cap of $24.46 billion, a price-to-earnings ratio of 16.68, a P/E/G ratio of 4.51 and a beta of 0.92.

Wipro (NYSE:WIT) last released its earnings results on Thursday, April 16th. 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 net margin of 14.25% and a return on equity of 14.97%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.65 billion. As a group, analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Institutional Trading of Wipro

Hedge funds and other institutional investors have recently bought and sold shares of the business. rebel Financial LLC bought a new stake in Wipro during the 1st quarter valued at $25,000. Commonwealth Financial Services LLC bought a new stake in Wipro during the 1st quarter valued at $25,000. Interchange Capital Partners LLC bought a new stake in Wipro during the 3rd quarter valued at $27,000. Tanager Wealth Management LLP bought a new stake in Wipro during the 1st quarter valued at $28,000. Finally, Sapient Capital LLC bought a new stake in Wipro during the 4th quarter valued at $29,000. Institutional investors own 2.36% of the company’s stock.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.