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

Wipro Limited (NYSE:WIT)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $2.10 and last traded at $2.1150, with a volume of 1121021 shares trading hands. The stock had previously closed at $2.16.

Analyst Ratings Changes

Separately, Morgan Stanley downgraded Wipro to an “underweight” rating in a report on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce”.

Wipro Price Performance

The company’s 50 day simple moving average is $2.38 and its 200 day simple moving average is $2.62. The company has a market capitalization of $22.05 billion, a PE ratio of 15.04, a price-to-earnings-growth ratio of 8.38 and a beta of 1.07.

Wipro (NYSE:WIT) last issued its earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. The business had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. On average, equities analysts forecast that Wipro Limited will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

Several large investors have recently bought and sold shares of the stock. First Trust Advisors LP boosted its holdings in shares of Wipro by 8.6% in the third quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock valued at $43,801,000 after acquiring an additional 1,317,586 shares during the period. West Family Investments Inc. increased its holdings in shares of Wipro by 37.3% in 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 acquiring an additional 144,972 shares during the period. Caprock Group LLC purchased a new stake in Wipro in the 3rd quarter valued at $694,000. Ethic Inc. raised its position in Wipro by 20.1% in the 3rd quarter. Ethic Inc. now owns 1,244,542 shares of the information technology services provider’s stock valued at $3,273,000 after purchasing an additional 208,091 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Wipro by 24.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider’s stock worth $18,665,000 after purchasing an additional 1,384,264 shares during the period. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.