WIT Stock Summary and Trading Ideas (Wipro | NYSE:WIT)

Wipro is a leading global IT services provider, with 175,000 employees. Based in Bengaluru, this India IT services firm leverages its offshore outsourcing model to derive over half of its revenue (57%) from North America. The company offers traditional IT services offerings: consulting, managed services, and cloud infrastructure services as well as business process outsourcing as a service.

Wipro trades on the NYSE stock market under the symbol WIT.

As of April 18, 2024, WIT stock price declined to $5.16 with 3,437,497 million shares trading.

WIT has a beta of 0.66, meaning it tends to be less sensitive to market movements. WIT has a correlation of 0.07 to the broad based SPY ETF.

WIT has a market cap of $26.91 billion. This is considered a Large Cap stock.

Last quarter Wipro reported $3 billion in Revenue and $.06 earnings per share. This fell short of revenue expectation by $-81 million and met earnings estimates .

In the last 3 years, WIT stock traded as high as $9.96 and as low as $4.32.

The top ETF exchange traded funds that WIT belongs to (by Net Assets): VXUS, VWO, SPEM, VEU, NXTG.

WIT has underperformed the market in the last year with a price return of +16.8% while the SPY ETF gained +22.2%. WIT has also underperformed the stock market ETF in the last 3 month and 2 week periods returning -10.5% and -10.3%, respectively, while the SPY returned +5.2% and -2.6%, respectively.

WIT support price is $5.17 and resistance is $5.33 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that WIT stock will trade within this expected range on the day.