Wipro (NYSE:WIT) Shares Down 4.1% – Time to Sell?

Wipro Limited (NYSE:WIT) dropped 4.1% during mid-day trading on Thursday . The stock traded as low as $3.30 and last traded at $3.30. Approximately 567,888 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 3,315,964 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

Several research analysts have recently weighed in on WIT shares. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research report on Monday, December 9th. StockNews.com lowered shares of Wipro from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.60.

Wipro Trading Down 3.6 %

The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average is $5.27 and its two-hundred day moving average is $5.96. The company has a market capitalization of $34.64 billion, a PE ratio of 24.63, a price-to-earnings-growth ratio of 4.55 and a beta of 0.91.

Wipro (NYSE:WIT) last issued its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. As a group, sell-side analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its holdings in shares of Wipro by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock valued at $90,000 after acquiring an additional 2,104 shares during the last quarter. Victory Capital Management Inc. purchased a new position in shares of Wipro during the 2nd quarter valued at about $923,000. Choreo LLC purchased a new position in shares of Wipro during the 2nd quarter valued at about $91,000. American Century Companies Inc. boosted its stake in shares of Wipro by 5.4% in the second quarter. American Century Companies Inc. now owns 738,680 shares of the information technology services provider’s stock worth $4,506,000 after buying an additional 38,100 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Wipro by 38.3% during the second quarter. Dimensional Fund Advisors LP now owns 774,867 shares of the information technology services provider’s stock worth $4,727,000 after acquiring an additional 214,712 shares during the period. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.