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

Wipro Limited (NYSE:WIT) hit a new 52-week low on Thursday . The stock traded as low as $1.80 and last traded at $1.8250, with a volume of 236960 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. cut shares of Wipro from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $2.20 to $1.70 in a research note on Wednesday, June 24th. Weiss Ratings raised shares of Wipro from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, June 29th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Wipro currently has an average rating of “Reduce” and a consensus target price of $1.70.

Wipro Stock Performance

The firm has a market capitalization of $19.22 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 3.98 and a beta of 0.97. The firm has a fifty day moving average price of $2.09 and a 200 day moving average price of $2.31.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 14.97% and a net margin of 14.25%.The firm had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.65 billion. Research analysts predict that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Several hedge funds and other institutional investors have recently made changes to their positions in WIT. rebel Financial LLC acquired a new position in Wipro during the first quarter worth about $25,000. Commonwealth Financial Services LLC acquired a new stake in shares of Wipro during the 1st quarter valued at approximately $25,000. Tanager Wealth Management LLP acquired a new stake in shares of Wipro during the 1st quarter valued at approximately $28,000. Sapient Capital LLC purchased a new stake in shares of Wipro during the 4th quarter worth approximately $29,000. Finally, Axxcess Wealth Management LLC purchased a new stake in shares of Wipro during the 4th quarter worth approximately $29,000. 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.