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

Shares of Wipro Limited (NYSE:WIT) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $2.11 and last traded at $2.1150, with a volume of 1573504 shares traded. The stock had previously closed at $2.16.

Analysts Set New Price Targets

Separately, Morgan Stanley cut shares of Wipro to an “underweight” rating in a research note on Monday, January 19th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce”.

Wipro Trading Up 0.5%

The company’s 50-day simple moving average is $2.58 and its 200-day simple moving average is $2.68. The stock has a market capitalization of $23.15 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 8.78 and a beta of 1.07.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $2.62 billion for 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 research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley raised its holdings in Wipro by 65.0% during the 4th quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock worth $137,829,000 after purchasing an additional 19,114,904 shares during the last quarter. Defiance ETFs LLC acquired a new stake in shares of Wipro during the fourth quarter worth $39,525,000. UBS Group AG raised its stake in Wipro by 165.0% during the third quarter. UBS Group AG now owns 13,044,840 shares of the information technology services provider’s stock worth $34,308,000 after buying an additional 8,122,275 shares during the last quarter. Norges Bank acquired a new position in Wipro in the fourth quarter valued at $22,036,000. Finally, Bank of America Corp DE boosted its position in Wipro by 298.9% during the second 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 acquiring an additional 5,762,771 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors.

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.