Wipro (NYSE:WIT) Shares Up 4.4% – Here’s What Happened

Wipro Limited (NYSE:WIT)’s share price shot up 4.4% during mid-day trading on Tuesday. The company traded as high as $1.80 and last traded at $1.7750. Approximately 654,083 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 11,021,362 shares. The stock had previously closed at $1.70.

Analyst Ratings Changes

A number of analysts have commented on WIT shares. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $2.20 to $1.70 in a report on Wednesday, June 24th. Weiss Ratings cut Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 2nd. Finally, CLSA downgraded Wipro from a “hold” rating to an “underperform” rating in a report on Wednesday, August 19th. Four analysts have rated the stock with a Sell rating. According to data from MarketBeat, the stock presently has a consensus rating of “Strong Sell” and an average price target of $1.70.

Wipro Stock Performance

The firm’s fifty day moving average is $1.79 and its two-hundred day moving average is $1.97. The company has a market cap of $17.85 billion, a P/E ratio of 13.85, a P/E/G ratio of 4.11 and a beta of 0.97.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 17th. The information technology services provider reported $0.03 earnings per share for the quarter, meeting the consensus estimate of $0.03. Wipro had a net margin of 13.93% and a return on equity of 15.40%. The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.60 billion. On average, equities research analysts expect that Wipro Limited will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of WIT. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Wipro in the 4th quarter worth $29,000. rebel Financial LLC acquired a new position in Wipro in the 1st quarter worth about $25,000. Commonwealth Financial Services LLC purchased a new stake in Wipro in the 1st quarter worth $25,000. Wealthcare Advisory Partners LLC acquired a new position in shares of Wipro during the 2nd quarter worth about $28,000. Finally, Nolet Wealth Management LLC acquired a new stake in shares of Wipro in the second quarter worth approximately $28,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

Wipro Company Profile

Wipro Limited (NYSE:WIT) is an India-based technology services and consulting company that helps businesses modernize operations, develop digital products and manage technology infrastructure. Its services include consulting, application development and management, cloud computing, cybersecurity, data and analytics, artificial intelligence, engineering, and business process services.

The company serves clients across industries including financial services, healthcare, consumer and retail, communications, energy, manufacturing, and technology.