Wipro (NYSE:WIT) Shares Down 6.2% – Here’s What Happened

Wipro Limited (NYSE:WIT)’s stock price dropped 6.2% during trading on Thursday . The stock traded as low as $2.25 and last traded at $2.3250. Approximately 2,001,379 shares traded hands during trading, a decline of 83% from the average daily volume of 11,831,810 shares. The stock had previously closed at $2.48.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Wipro Stock Performance

The firm has a market capitalization of $24.88 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 5.24 and a beta of 0.97. The firm’s 50-day moving average is $2.11 and its 200 day moving average is $2.39.

Wipro (NYSE:WIT) last posted its earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a net margin of 14.25% and a return on equity of 14.97%. As a group, equities analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. rebel Financial LLC purchased a new position in Wipro during the first quarter worth $25,000. Commonwealth Financial Services LLC purchased a new stake in shares of Wipro in the first quarter valued at $25,000. Interchange Capital Partners LLC purchased a new stake in shares of Wipro in the third quarter valued at $27,000. Tanager Wealth Management LLP acquired a new stake in shares of Wipro during the first quarter valued at $28,000. Finally, Sapient Capital LLC purchased a new stake in Wipro during the 4th quarter worth about $29,000. 2.36% of the stock is currently owned by institutional investors and hedge funds.

About Wipro

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.