Sage Mountain Advisors Reduces Stake in Wipro Limited by 26.1%

Sage Mountain Advisors LLC has significantly reduced its holdings in Wipro Limited, selling 3,792 shares during the second quarter of 2023. This move represents a 26.1% decrease in their stake, leaving the institutional investor with a total of 10,756 shares valued at approximately $32,000 as per their latest filing with the Securities and Exchange Commission.

Several other institutional investors have also adjusted their positions in Wipro, which trades under the ticker symbol NYSE:WIT. R Squared Ltd increased its stake by 16.0% during the same quarter, acquiring an additional 3,830 shares to reach a total of 27,810 shares, now worth about $84,000. Similarly, Mirae Asset Global Investments Co. Ltd. raised its holdings by 5.9%, owning 91,692 shares valued at $278,000 after purchasing 5,103 shares.

PNC Financial Services Group Inc. also expanded its investment, increasing its holdings by 2.7% with a total of 215,015 shares worth approximately $658,000. In addition, HB Wealth Management LLC increased its stake by 12.2%, now holding 53,733 shares valued at $162,000. Focus Partners Advisor Solutions LLC made a notable move, boosting its holdings by 62.4%, resulting in ownership of 16,253 shares worth around $50,000.

As of now, institutional investors and hedge funds collectively own 2.36% of Wipro’s stock.

Market Performance and Analyst Ratings

On October 24, 2023, Wipro shares opened at $2.68, reflecting a decline of 0.6%. The company’s stock has fluctuated over the past year, hitting a low of $2.58 and a high of $3.79. Wipro boasts a market capitalization of $28.01 billion, with a price-to-earnings (P/E) ratio of 17.83 and a beta of 1.00. The firm’s 50-day moving average stands at $2.73, while the 200-day moving average is $2.83.

Recent ratings from analysts have shown a cautious outlook for the company. On October 20, 2023, CLSA downgraded Wipro from an “outperform” to a “hold” rating. In a prior report on October 8, 2023, Weiss Ratings reaffirmed a “hold (c+)” rating for Wipro. Currently, five analysts have assigned a Hold rating, while one has issued a Sell rating, leading to a consensus rating of “Reduce” according to MarketBeat.

Wipro Limited is a global leader in information technology services, consulting, and business process services. The company operates through two main segments: IT Services and IT Products. The IT Services segment provides a wide range of offerings, including digital strategy advisory, custom application development, systems integration, and cloud solutions.

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