Wipro Limited (NYSE:WIT) price on Thursday, September 16, fall -2.28% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $9.42.
A look at the stock’s price movement, the level at last check in today’s session was $9.64, moving within a range at $9.58 and $9.649. The beta value (5-Year monthly) was 0.64 while the PE ratio in trailing twelve months stood at 34.18. Turning to its 52-week performance, $9.80 and $4.57 were the 52-week high and 52-week low respectively. Overall, WIT moved 8.93% over the past month.
Wipro Limited’s market cap currently stands at around $49.97 billion. The company has a Forward Dividend ratio of 0.01, with its dividend yield at 0.10%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report. Analysts project the company’s earnings per share (EPS) to be $0.07, which has seen fiscal year 2022 EPS growth forecast to increase to $0.29 and about $0.31 for fiscal year 2023. Per the data, EPS growth is expected to be 11.50% for 2021 and 6.90% for the next financial year.
Analysts have a consensus estimate of $2.55 billion for the company’s revenue for the quarter, with a low and high estimate of $2.55 billion and $2.55 billion respectively. Wall Street analysts have also projected the company’s year-on-year revenue for 2022 to grow to $10.18 billion, representing a 22.00% jump on that reported in the last financial year.
Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that WIT is a 100% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
41 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 16 analyst(s) rate the stock as a Hold, 7 recommend WIT as a Buy and 3 give it an Overweight rating. Meanwhile, 7 analyst(s) rate the stock as Underweight and 8 say it is a Sell. As such, the average rating for the stock is Hold which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
The technical evaluation for the stock shows the PEG ratio is 3.80, with WIT’s current price about 1.55% and 8.40% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 60.16, while 7-day volatility ratio is 0.92% and 1.18% in the 30-day chart. Further, Wipro Limited (WIT) has a beta value of 0.62, and an average true range (ATR) of 0.13. Analysts have given the company’s stock an average 52-week price target of $7.78, forecast between a low of $4.40 and high of $10.12. Looking at the price targets, the low is 53.29% off recent price level in today’s trading while to achieve the yearly target high, it has to move -7.43%. Nonetheless, investors will most likely welcome a 17.2% jump to $7.80 which is the analysts’ median price.
In the market, a comparison of Wipro Limited (WIT) and its peers suggest the former has performed considerably weaker. Data shows WIT’s intraday price has changed -2.28% today and 107.31% over the past year. Comparatively, Accenture plc (ACN) has moved -0.94% so far today and only 43.39% in the past 12 months. Looking at another peer, we see that HP Inc. (HPQ) price has dipped 0.00% on the day. However, the stock is 45.12% off its price today a year ago. Moreover, International Business Machines Corporation (IBM) is also down -0.92% in today’s trading while keeping a an uptrend of 12.05% over the past year. If we look at the PE ratio, we find that Wipro Limited’s ratio stands at 34.18 compared to Accenture plc’s 38.49 and HP Inc.’s 8.66. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are down -0.70% and -0.63% respectively on the day as seen in early trades.
If we refocus on Wipro Limited (NYSE:WIT), historical trading data shows that trading volumes averaged 1.79 million over the past 10 days and 1.92 million over the past 3 months. The company’s latest data on shares outstanding shows there are 5.46 billion shares.
The 79.00% of Wipro Limited’s shares are in the hands of company insiders while institutional holders own 2.50% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 12.46 million on May 27, 2021, giving us a short ratio of 7.98. The data shows that as of May 27, 2021 short interest in Wipro Limited (WIT) stood at 0.23% of shares outstanding, with shares short falling to 14.13 million registered in Apr 29, 2021. Current price change has pushed the stock 70.62% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the WIT stock continues to rise going into the next quarter.