Wipro (NYSE:WIT) Shares Gap Up to $6.19

Wipro Limited (NYSE:WIT) shares gapped up before the market opened on Thursday . The stock had previously closed at $6.19, but opened at $6.35. Wipro shares last traded at $6.35, with a volume of 305,183 shares.

Analyst Upgrades and Downgrades

WIT has been the topic of a number of recent research reports. Nomura Securities raised shares of Wipro to a “strong-buy” rating in a research report on Tuesday, July 2nd. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Nomura started coverage on Wipro in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wipro currently has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Performance

The firm has a market capitalization of $34.27 billion, a price-to-earnings ratio of 26.24, a price-to-earnings-growth ratio of 4.34 and a beta of 0.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.70 and a current ratio of 2.70. The stock’s fifty day moving average is $6.20 and its two-hundred day moving average is $5.86.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. During the same period in the prior year, the company posted $0.06 EPS. Analysts forecast that Wipro Limited will post 0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Jump Financial LLC grew its position in shares of Wipro by 89.0% in the 4th quarter. Jump Financial LLC now owns 148,988 shares of the information technology services provider’s stock worth $830,000 after acquiring an additional 70,176 shares in the last quarter. Team Hewins LLC bought a new stake in shares of Wipro during the 4th quarter valued at about $168,000. Sepio Capital LP bought a new position in Wipro in the fourth quarter worth about $124,000. Capstone Investment Advisors LLC acquired a new position in Wipro in the fourth quarter valued at approximately $585,000. Finally, Angeles Investment Advisors LLC grew its holdings in shares of Wipro by 9.7% during the fourth quarter. Angeles Investment Advisors LLC now owns 56,260 shares of the information technology services provider’s stock valued at $313,000 after purchasing an additional 4,991 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors.

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.