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

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WIT. 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 shares of Wipro from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $2.20 to $1.70 in a report on Wednesday, June 24th. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Strong Sell” and an average target price of $1.70.

Wipro Trading Down 1.9%

The firm has a fifty day simple moving average of $2.07 and a 200-day simple moving average of $2.25. The stock has a market cap of $19.01 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 4.22 and a beta of 0.97.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Friday, July 17th. The information technology services provider reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. The firm had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.60 billion. Wipro had a return on equity of 14.80% and a net margin of 13.93%. On average, equities analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several hedge funds have recently added to or reduced their stakes in WIT. Allworth Financial LP increased its stake in Wipro by 17.3% in the fourth quarter. Allworth Financial LP now owns 28,113 shares of the information technology services provider’s stock valued at $80,000 after purchasing an additional 4,153 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Wipro by 19.3% during the second quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock worth $82,000 after purchasing an additional 4,403 shares in the last quarter. Lido Advisors LLC grew its holdings in shares of Wipro by 11.7% in the 4th quarter. Lido Advisors LLC now owns 42,485 shares of the information technology services provider’s stock valued at $118,000 after buying an additional 4,454 shares during the period. Cresset Asset Management LLC increased its position in shares of Wipro by 10.2% in the 2nd quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock valued at $169,000 after buying an additional 5,166 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of Wipro by 0.6% in the 4th quarter. Deutsche Bank AG now owns 813,925 shares of the information technology services provider’s stock valued at $2,312,000 after buying an additional 5,168 shares in the last quarter. 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.