Wipro (NYSE:WIT) Hits New 52-Week Low – Time to Sell?

Shares of Wipro Limited (NYSE:WIT) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $2.46 and last traded at $2.4550, with a volume of 188223 shares changing hands. The stock had previously closed at $2.51.

Analysts Set New Price Targets

A number of research firms recently weighed in on WIT. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a research note on Thursday, October 30th. CLSA cut shares of Wipro from an “outperform” rating to a “hold” rating in a report on Monday, October 20th. Finally, Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Wipro currently has a consensus rating of “Reduce”.

Wipro Stock Up 2.0%

The stock has a market capitalization of $26.08 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 9.74 and a beta of 1.05. The stock has a fifty day moving average of $2.78 and a 200-day moving average of $2.73.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. On average, equities analysts forecast that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

Hedge funds and other institutional investors have recently made changes to their positions in the company. UBS Group AG lifted its stake in Wipro by 165.0% in the third quarter. UBS Group AG now owns 13,044,840 shares of the information technology services provider’s stock valued at $34,308,000 after buying an additional 8,122,275 shares during the last quarter. Norges Bank acquired a new position in shares of Wipro in the 4th quarter valued at $22,036,000. Bank of America Corp DE increased its holdings in shares of Wipro by 298.9% in the 2nd quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock valued at $23,226,000 after acquiring an additional 5,762,771 shares during the period. Millennium Management LLC boosted its stake in Wipro by 25.9% during the 3rd quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock worth $56,033,000 after purchasing an additional 4,382,854 shares during the period. Finally, Wellington Management Group LLP grew its position in Wipro by 262.2% during the 3rd quarter. Wellington Management Group LLP now owns 4,173,778 shares of the information technology services provider’s stock worth $10,977,000 after purchasing an additional 3,021,480 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.