Taking a Closer Look At Wipro Limited (WIT) Following Its Recent Trade

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Taking this into account, Credit Suisse downgraded its Wipro Limited [WIT] rating to an Underperform from a a Neutral in a research note published on Tuesday. A number of analysts have revised their coverage, including Goldman’s analysts, who increased its forecast for the stock in mid September from “a Sell” to “a Buy”. Citigroup also remained covering WIT and has decreased its forecast on July 20, 2022 with a “Sell” recommendation from previously “Buy” rating. Morgan Stanley revised its rating on July 14, 2022. It rated WIT as “an Underweight” which previously was an “an Overweight”.

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Price Performance Review of WIT

On Tuesday, Wipro Limited [NYSE:WIT] saw its stock fall -0.20% to $4.98. On the same session, the stock had its day’s lowest price of $4.92, but rose to a high of $4.99. Over the last five days, the stock has gained 1.84%. Wipro Limited shares have risen nearly 6.87% since the year began. Nevertheless, the stocks have fallen -36.64% over the past one year. While a 52-week high of $8.07 was reached on 01/20/23, a 52-week low of $4.38 was recorded on 01/06/23. SMA at 50 days reached $4.83, while 200 days put it at $5.31. A total of 4.06 million shares were traded, compared to the trading of 4.35 million shares in the previous session.

Levels Of Support And Resistance For WIT Stock

The 24-hour chart illustrates a support level at 4.94, which if violated will result in even more drops to 4.89. On the upside, there is a resistance level at 5.01. A further resistance level may holdings at 5.03. The Relative Strength Index (RSI) on the 14-day chart is 62.03, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.15, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 10.31%. Stochastics %K at 91.75% indicates the stock is a selling.

How much short interest is there in Wipro Limited?

A steep rise in short interest was recorded in Wipro Limited stocks on Oct 13, 2022, growing by 2.07 million shares to a total of 14.73 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 12.66 million shares. There was a rise of 14.05%, which implies that there is a positive sentiment for the stock.

Wipro Limited [WIT] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 11,489,794 shares, or roughly 0.21% of the outstanding WIT shares. In other words, the investor’s shares have fallen by -476,001 from its previous 13-F filing of 11965795.0. Additionally, Aperio Group LLC increased 27.37% of its stake after which the total value it holdings stand at $47,524,507, while SSgA Funds Management, Inc. reduced -3.45% of its stake to hold $41.87 million in the firm. Over the last quarter, Goldman Sachs & Co. LLC purchased 666,867 shares of Wipro Limited, while JPMorgan Securities LLC bought 1,039,013 shares. At present, Parametric Portfolio Associates L is holding 5,175,779 shares valued at $24.12 million. Morgan Stanley & Co. Internationa owned 5,090,057 shares of the company at the time of its most recent 13F filing, worth $23.72 million.

According to FactSet, Wipro Limited’s share price will average $5.07 in the next year, based on opinions of analysts polled by the firm. This is up nearly 1.6 percent from its previous closing price of $4.99. Analysts expect Wipro Limited stock to reach the higher price of $6.49, while the lowest price estimate is $4.00. However, 42 analysts have rated WIT stock as a Hold in their predictions for 2023.

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