Wipro (NYSE:WIT) Shares Gap Up – Here’s Why

Shares of Wipro Limited (NYSE:WIT) gapped up before the market opened on Wednesday . The stock had previously closed at $3.00, but opened at $3.09. Wipro shares last traded at $3.10, with a volume of 149,499 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. Finally, UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Wipro Stock Performance

The stock’s 50-day moving average price is $3.47 and its 200-day moving average price is $5.09. The company has a market cap of $32.37 billion, a P/E ratio of 21.39, a PEG ratio of 3.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83.

Wipro (NYSE:WIT) last announced its earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. Equities analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Wipro

A number of institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio boosted its position in shares of Wipro by 163.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 283,234 shares of the information technology services provider’s stock valued at $1,003,000 after acquiring an additional 175,833 shares during the period. BIP Alliance LLC acquired a new position in Wipro in the fourth quarter valued at about $170,000. Vise Technologies Inc. raised its stake in Wipro by 407.8% in the fourth quarter. Vise Technologies Inc. now owns 53,518 shares of the information technology services provider’s stock valued at $189,000 after purchasing an additional 42,978 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in Wipro in the fourth quarter valued at about $35,000. Finally, Principal Street Partners LLC acquired a new position in Wipro in the fourth quarter valued at about $51,000. 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 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.