Wipro (NYSE:WIT) Sets New 12-Month Low – Should You Sell?

Wipro Limited (NYSE:WIT) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $2.12 and last traded at $2.1350, with a volume of 13191195 shares traded. The stock had previously closed at $2.19.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on WIT shares. Morgan Stanley lowered Wipro to an “underweight” rating in a research note on Monday, January 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

Wipro Price Performance

The stock has a market capitalization of $22.36 billion, a PE ratio of 15.25, a PEG ratio of 8.74 and a beta of 1.05. The company has a 50 day moving average price of $2.67 and a 200-day moving average price of $2.70.

Wipro (NYSE:WIT) last released its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. As a group, equities analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

Institutional investors have recently bought and sold shares of the stock. Morgan Stanley lifted its holdings in Wipro by 65.0% in the fourth quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock worth $137,829,000 after buying an additional 19,114,904 shares during the period. State Street Corp grew its holdings in shares of Wipro by 0.8% during the 4th quarter. State Street Corp now owns 23,861,012 shares of the information technology services provider’s stock worth $67,765,000 after acquiring an additional 179,034 shares during the period. Acadian Asset Management LLC raised its position in shares of Wipro by 4.1% in the 2nd quarter. Acadian Asset Management LLC now owns 21,841,995 shares of the information technology services provider’s stock worth $65,948,000 after acquiring an additional 864,481 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Wipro by 25.9% in the 3rd quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock valued at $56,033,000 after purchasing an additional 4,382,854 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Wipro by 8.6% during the third quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock valued at $43,801,000 after purchasing an additional 1,317,586 shares in the last quarter. 2.36% of the stock is owned by institutional investors.

About Wipro

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.