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

Wipro Limited (NYSE:WIT) reached a new 52-week low on Wednesday . The stock traded as low as $1.79 and last traded at $1.8150, with a volume of 9238087 shares changing hands. The stock had previously closed at $1.85.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on WIT shares. Weiss Ratings cut Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. lowered Wipro from a “neutral” rating to an “underweight” rating and cut their price target for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Strong Sell” and a consensus target price of $1.70.

Wipro Price Performance

The company has a market cap of $18.70 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 4.13 and a beta of 0.97. The business’s fifty day moving average price is $2.07 and its 200 day moving average price is $2.23.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.60 billion. Wipro had a return on equity of 15.40% and a net margin of 13.93%. As a group, equities research analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Wipro

Several institutional investors and hedge funds have recently made changes to their positions in WIT. Morgan Stanley raised its position in shares of Wipro by 65.0% during the fourth quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock worth $137,829,000 after acquiring an additional 19,114,904 shares during the last quarter. Defiance ETFs LLC bought a new stake in Wipro in the fourth quarter valued at approximately $39,525,000. UBS Group AG boosted its holdings 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 acquiring an additional 8,122,275 shares during the last quarter. Norges Bank acquired a new stake in Wipro during the 4th quarter valued at approximately $22,036,000. Finally, Bank of America Corp DE increased its position in Wipro by 298.9% during 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 purchasing an additional 5,762,771 shares during the period. Institutional investors and hedge funds 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.