Wipro Limited (NYSE:WIT) Given Consensus Rating of “Hold” by Brokerages

Posted by on Aug 4th, 2022

Shares of Wipro Limited (NYSE:WIT – Get Rating) have been given a consensus rating of “Hold” by the ten ratings firms that are covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $4.70.

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group cut Wipro from a “hold” rating to an “underperform” rating and decreased their price target for the company from $7.30 to $4.70 in a research note on Friday, July 8th. TheStreet cut Wipro from a “b-” rating to a “c+” rating in a research note on Friday, July 8th. JPMorgan Chase & Co. cut Wipro from a “neutral” rating to an “underweight” rating in a research note on Thursday, May 19th. Nomura lowered Wipro from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 25th. Finally, Morgan Stanley lowered Wipro from an “overweight” rating to an “underweight” rating in a research report on Thursday, July 14th.

Wipro Price Performance

Shares of WIT opened at $5.49 on Thursday. Wipro has a 12-month low of $4.94 and a 12-month high of $9.96. The business has a 50-day simple moving average of $5.46 and a two-hundred day simple moving average of $6.62. The company has a quick ratio of 1.94, a current ratio of 1.95 and a debt-to-equity ratio of 0.09. The stock has a market cap of $30.01 billion, a PE ratio of 20.33, a PEG ratio of 2.21 and a beta of 0.83.

Wipro (NYSE:WIT – Get Rating) last issued its earnings results on Wednesday, July 20th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.02). Wipro had a return on equity of 17.66% and a net margin of 14.06%. The firm had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.75 billion. Analysts anticipate that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. 1832 Asset Management L.P. purchased a new stake in shares of Wipro in the first quarter worth approximately $26,000. Glassman Wealth Services raised its stake in shares of Wipro by 66.9% in the fourth quarter. Glassman Wealth Services now owns 3,585 shares of the information technology services provider’s stock worth $35,000 after purchasing an additional 1,437 shares during the last quarter. CWM LLC purchased a new stake in shares of Wipro in the fourth quarter worth approximately $35,000. Lindbrook Capital LLC raised its stake in shares of Wipro by 31.0% in the first quarter. Lindbrook Capital LLC now owns 8,000 shares of the information technology services provider’s stock worth $62,000 after purchasing an additional 1,895 shares during the last quarter. Finally, Deuterium Capital Management LLC purchased a new stake in shares of Wipro in the second quarter worth approximately $53,000. Institutional investors own 2.30% of the company’s stock.

About Wipro

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Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the following segments: Information Technology Services, India State Run Enterprise (ISRE), and Information Technology Products. The Information Technology Services segment provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises worldwide.

Further Reading

Analyst Recommendations for Wipro (NYSE:WIT)

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