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 upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research report on Friday, May 24th. Three analysts have rated the stock with a sell rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.30.

Wipro Price Performance

The firm has a 50-day moving average of $5.46 and a 200-day moving average of $5.66. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.58 and a quick ratio of 2.57. The stock has a market cap of $31.42 billion, a PE ratio of 24.04, a PEG ratio of 4.04 and a beta of 0.85.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, April 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. Wipro had a net margin of 12.29% and a return on equity of 15.60%. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Research analysts predict that Wipro Limited will post 0.27 EPS 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 increased its position in Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 1,858 shares during the last quarter. CWM LLC increased its holdings in shares of Wipro by 12.7% in the 4th quarter. CWM LLC now owns 17,286 shares of the information technology services provider’s stock worth $96,000 after buying an additional 1,951 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its position in shares of Wipro by 2.7% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 78,573 shares of the information technology services provider’s stock valued at $452,000 after buying an additional 2,101 shares in the last quarter. HB Wealth Management LLC raised its position in shares of Wipro by 13.9% during the 4th quarter. HB Wealth Management LLC now owns 18,814 shares of the information technology services provider’s stock valued at $105,000 after buying an additional 2,302 shares in the last quarter. Finally, Cherrydale Wealth Management LLC lifted its holdings in shares of Wipro by 14.2% in the 1st quarter. Cherrydale Wealth Management LLC now owns 20,756 shares of the information technology services provider’s stock valued at $119,000 after acquiring an additional 2,588 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

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.