Wipro (NYSE:WIT) Sets New 52-Week Low – Should You Sell?

Wipro Limited (NYSE:WIT) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $2.11 and last traded at $2.1150, with a volume of 1573504 shares traded. The stock had previously closed at $2.16.

Analyst Ratings Changes

Separately, Morgan Stanley lowered shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Wipro presently has an average rating of “Reduce”.

Wipro Stock Performance

The firm has a 50 day moving average price of $2.61 and a two-hundred day moving average price of $2.69. The company has a market capitalization of $22.73 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 8.86 and a beta of 1.07.

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

Institutional Trading of Wipro

A number of hedge funds have recently modified their holdings of WIT. Allworth Financial LP raised its holdings in Wipro by 17.3% during the 4th quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider’s stock worth $80,000 after buying an additional 4,153 shares during the period. Tidal Investments LLC raised its holdings in Wipro by 19.3% in the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock valued at $82,000 after acquiring an additional 4,403 shares during the period. Lido Advisors LLC increased its position in Wipro by 11.7% during the 4th quarter. Lido Advisors LLC now owns 42,485 shares of the information technology services provider’s stock worth $118,000 after buying an additional 4,454 shares during the period. Fragasso Financial Advisors Inc increased its position in Wipro by 30.5% during the third quarter. Fragasso Financial Advisors Inc now owns 19,317 shares of the information technology services provider’s stock worth $51,000 after acquiring an additional 4,511 shares during the period. Finally, Diversified Trust Co lifted its stake in Wipro by 6.5% during the third quarter. Diversified Trust Co now owns 82,813 shares of the information technology services provider’s stock worth $218,000 after purchasing an additional 5,036 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

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.