Wipro (NYSE:WIT) Reaches New 1-Year Low – Should You Sell?

Wipro Limited (NYSE:WIT) hit 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 changing hands. The stock had previously closed at $2.16.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley downgraded 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Wipro has an average rating of “Reduce”.

Wipro Price Performance

The firm has a market capitalization of $22.73 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 8.86 and a beta of 1.07. The stock has a fifty day moving average of $2.61 and a 200 day moving average of $2.69.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Wednesday, January 21st. The information technology services provider reported $0.04 EPS for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.63 billion. Wipro had a net margin of 14.61% and a return on equity of 15.35%. Equities analysts forecast that Wipro Limited will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of large investors have recently bought and sold shares of WIT. Morgan Stanley grew its holdings in shares of Wipro by 65.0% in the fourth 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 bought a new position in shares of Wipro during the fourth quarter valued at approximately $39,525,000. UBS Group AG lifted its stake in Wipro by 165.0% in 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 acquiring an additional 8,122,275 shares during the period. Norges Bank purchased a new position in Wipro during the 4th quarter valued at $22,036,000. Finally, Bank of America Corp DE raised its holdings in Wipro by 298.9% in the 2nd quarter. Bank of America Corp DE now owns 7,690,677 shares of the information technology services provider’s stock worth $23,226,000 after purchasing an additional 5,762,771 shares in the last quarter. 2.36% of the stock is owned by hedge funds and other 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.