Wipro (NYSE:WIT) Shares Gap Up – Here’s Why

Shares of Wipro Limited (NYSE:WIT) gapped up prior to trading on Wednesday . The stock had previously closed at $3.00, but opened at $3.09. Wipro shares last traded at $3.10, with a volume of 149,499 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on WIT. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. 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 given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy”.

Wipro Trading Up 3.2 %

The business’s fifty day moving average is $3.47 and its 200-day moving average is $5.09. The firm has a market cap of $32.37 billion, a P/E ratio of 21.39, a price-to-earnings-growth ratio of 3.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83.

Wipro (NYSE:WIT) last issued 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 net margin of 13.96% and a return on equity of 15.46%. Analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Perigon Wealth Management LLC bought a new position in Wipro in the 4th quarter valued at approximately $61,000. Tobam bought a new position in Wipro during the 4th quarter worth approximately $261,000. Van ECK Associates Corp raised its holdings in Wipro by 89.8% during the 4th 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 holdings 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 worth $307,000 after purchasing an additional 41,766 shares during the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in Wipro during the 3rd quarter worth approximately $610,000. 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.