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 September 27, 2024, WIT stock price declined to $6.47 with 1,998,344 million shares trading.

WIT has a beta of 1.09, meaning it tends to be more sensitive to market movements. WIT has a correlation of 0.20 to the broad based SPY ETF.

WIT has a market cap of $33.78 billion. This is considered a Large Cap stock.

Last quarter Wipro reported $3 billion in Revenue and $.07 earnings per share. This fell short of revenue expectation by $-24 million and met earnings estimates .

In the last 3 years, WIT 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 +32.8% while the SPY ETF gained +35.8%. However, in the short term, WIT had mixed performance relative to the market. It has outperformed in the last 3 months, returning +10.2% vs +5.1% return in SPY. But in the last 2 weeks, WIT shares have been beat by the market, returning +1.7% compared to an SPY return of +2.5%.

WIT support price is $6.49 and resistance is $6.71 (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 shares will trade within this expected range on the day.