Wipro (NYSE:WIT) Shares Gap Down – Time to Sell?

Wipro Limited (NYSE:WIT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $2.10, but opened at $2.03. Wipro shares last traded at $2.1650, with a volume of 2,146,878 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Sell”.

Wipro Price Performance

The stock’s fifty day simple moving average is $2.09 and its 200-day simple moving average is $2.41. The company has a market capitalization of $22.58 billion, a P/E ratio of 15.39, a PEG ratio of 4.60 and a beta of 0.97.

Wipro (NYSE:WIT) last released its quarterly earnings results on Thursday, April 16th. 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 net margin of 14.25% and a return on equity of 14.97%. The company had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.65 billion. On average, research analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Wipro

Hedge funds have recently bought and sold shares of the company. rebel Financial LLC bought a new stake in Wipro during the first quarter valued at about $25,000. Commonwealth Financial Services LLC bought a new stake in Wipro during the first quarter valued at about $25,000. Interchange Capital Partners LLC bought a new stake in Wipro during the third quarter valued at about $27,000. Tanager Wealth Management LLP bought a new stake in shares of Wipro in the first quarter valued at about $28,000. Finally, Sapient Capital LLC bought a new stake in shares of Wipro in the fourth quarter valued at about $29,000. 2.36% of the stock is currently owned by institutional investors.

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.