Wipro $WIT stock took a big hit on into the close on October 7, 2022, after an unusually large order came off the dark pool. Just three weeks earlier, a Goldman Sachs’ analyst double upgraded the stock to a Buy.
Goldman double upgrades Wipro to Buy on attractive valuation
On September 13, 2022, Goldman Sachs analyst Sumeet Jain upgraded Wipro to Buy from Sell with a $4.87 price target. The analyst sees an attractive valuation at current share levels saying the company’s weak organic earnings growth is more than priced. In addition, a recent pick-up in Wipro’s order book and strong sequential headcount growth during Q1 of fiscal 2023 are two leading demand indicators that show a positive direction for near-term growth, Jain told investors in a research note. In addition, a potential share buyback announcement over the next 6-12 months could be another positive catalyst.
Unusual Dark Pool Trade In Wipro $WIT Stock
An unusually large dark pool trade occurred in Wipro $WIT stock on October 7, 2022.
We think that the dark pool trade was a sell order because of how $WIT stock dropped immediately following the trade hitting the tape.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
Wipro achieves AWS Energy Competency status
On September 1, 2022, Wipro (WIT) announced that it has achieved Amazon (AMZN) Web Services, AWS, Energy Competency status. This designation recognizes that Wipro has showed deep expertise helping customers leverage AWS technology to transform complex systems and speed up the transition to a sustainable energy future. “Wipro is proud to achieve the AWS Energy Competency,” said Sidharth Mishra, Vice President and Global Lead for Energy Domain and Consulting Services, Wipro Limited. “Our team is dedicated to helping companies achieve their technology goals by leveraging the agility, breadth of services, and pace of innovation that AWS provides.”
Gravitas: Top CEOs bracing for recession in 2023
The word from Gravitas is that Wipro, among many other companies, has withdrawn hiring offers to recruits as the U.S. economy slows.
Wipro $WIT Stock Technical Analysis
Wipro $WIT stock is in a technical downtrend. While the short-term trend is slightly bullish, the intermediate and long-term trends are both bearish. The question traders want to know is, will the $4.68 low from September 29, 2022, hold?