Wipro (NYSE:WIT) Hits New 1-Year Low – Time to Sell?

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. CLSA cut shares of Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. Finally, Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a research report on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce”.

Wipro Stock Performance

The stock has a market cap of $25.72 billion, a P/E ratio of 17.54, a P/E/G ratio of 10.02 and a beta of 1.05. The business’s 50-day moving average price is $2.79 and its 200-day moving average price is $2.74.

Wipro (NYSE:WIT) last released its 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 company had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.63 billion. Wipro had a return on equity of 15.35% and a net margin of 14.61%. As a group, equities research analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. West Family Investments Inc. raised its position in shares of Wipro by 37.3% during the 2nd quarter. West Family Investments Inc. now owns 533,167 shares of the information technology services provider’s stock valued at $1,610,000 after buying an additional 144,972 shares in the last quarter. QRG Capital Management Inc. increased its stake in Wipro by 78.8% during the second quarter. QRG Capital Management Inc. now owns 123,313 shares of the information technology services provider’s stock worth $372,000 after acquiring an additional 54,337 shares during the last quarter. Ethic Inc. increased its stake in Wipro by 20.1% during the third quarter. Ethic Inc. now owns 1,244,542 shares of the information technology services provider’s stock worth $3,273,000 after acquiring an additional 208,091 shares during the last quarter. Creative Planning raised its position in Wipro by 21.2% during the second quarter. Creative Planning now owns 3,730,772 shares of the information technology services provider’s stock valued at $11,267,000 after purchasing an additional 652,079 shares during the period. Finally, Quadrant Capital Group LLC lifted its stake in shares of Wipro by 60.8% in the 2nd quarter. Quadrant Capital Group LLC now owns 1,221,439 shares of the information technology services provider’s stock valued at $3,689,000 after purchasing an additional 461,616 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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.