Wedbush reissued their underperform rating on shares of Wipro (NYSE:WIT – Get Rating) in a research report sent to investors on Wednesday, PriceTargets.com reports. Wedbush also issued estimates for Wipro’s Q2 2023 earnings at $0.07 EPS, Q3 2023 earnings at $0.08 EPS and FY2024 earnings at $0.34 EPS.
A number of other brokerages have also recently issued reports on WIT. JPMorgan Chase & Co. cut shares of Wipro from a neutral rating to an underweight rating in a research report on Thursday, May 19th. TheStreet downgraded Wipro from a b- rating to a c+ rating in a research report on Friday, July 8th. Nomura cut Wipro from a buy rating to a neutral rating in a report on Wednesday, May 25th. Jefferies Financial Group cut Wipro from a hold rating to an underperform rating and cut their price target for the stock from $7.30 to $4.70 in a report on Friday, July 8th. Finally, Citigroup lowered Wipro from a buy rating to a sell rating in a research note on Wednesday. Five equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $4.70.
Wipro Stock Performance
WIT opened at $5.14 on Wednesday. The stock’s 50 day simple moving average is $5.58 and its 200 day simple moving average is $6.84. The stock has a market cap of $28.09 billion, a P/E ratio of 19.04, a P/E/G ratio of 1.94 and a beta of 0.88. Wipro has a 1-year low of $4.94 and a 1-year high of $9.96. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.01 and a quick ratio of 2.01.
Institutional Investors Weigh In On Wipro
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 1832 Asset Management L.P. acquired a new stake in shares of Wipro in the first quarter worth approximately $26,000. Glassman Wealth Services boosted its holdings in shares of Wipro by 66.9% in the 4th quarter. Glassman Wealth Services now owns 3,585 shares of the information technology services provider’s stock valued at $35,000 after purchasing an additional 1,437 shares during the last quarter. CWM LLC purchased a new stake in shares of Wipro during the 4th quarter valued at $35,000. Lindbrook Capital LLC increased its holdings in shares of Wipro by 31.0% during the 1st quarter. Lindbrook Capital LLC now owns 8,000 shares of the information technology services provider’s stock worth $62,000 after buying an additional 1,895 shares during the last quarter. Finally, MQS Management LLC purchased a new position in shares of Wipro in the 4th quarter worth $112,000. Hedge funds and other institutional investors own 2.30% of the company’s stock.
Wipro Company Profile
Wipro Limited operates as information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.
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