Wipro (NYSE:WIT) Shares Gap Up to $5.87

Wipro Limited (NYSE:WIT) gapped up prior to trading on Thursday . The stock had previously closed at $5.87, but opened at $6.00. Wipro shares last traded at $6.03, with a volume of 401,229 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research note on Friday, May 24th. Three analysts have rated the stock with a sell rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.30.

Wipro Price Performance

The company has a quick ratio of 2.57, a current ratio of 2.58 and a debt-to-equity ratio of 0.08. The business’s 50-day moving average is $5.46 and its two-hundred day moving average is $5.66. The company has a market capitalization of $31.42 billion, a P/E ratio of 24.04, a price-to-earnings-growth ratio of 4.04 and a beta of 0.85.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, April 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The business had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a return on equity of 15.60% and a net margin of 12.29%. As a group, analysts predict that Wipro Limited will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WIT. GAMMA Investing LLC raised its holdings in Wipro by 47.2% during the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after acquiring an additional 1,858 shares during the period. Oppenheimer & Co. Inc. bought a new position in Wipro in the 1st quarter worth about $60,000. Intelligence Driven Advisers LLC purchased a new position in Wipro during the 4th quarter valued at about $61,000. Essex Savings Bank bought a new stake in shares of Wipro during the fourth quarter valued at about $67,000. Finally, Prime Capital Investment Advisors LLC purchased a new stake in shares of Wipro in the fourth quarter worth about $72,000. 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 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.