Wipro (NYSE:WIT) Shares Gap Down – Time to Sell?

Wipro Limited (NYSE:WIT) gapped down prior to trading on Monday . The stock had previously closed at $2.10, but opened at $2.03. Wipro shares last traded at $2.1650, with a volume of 2,146,878 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings cut shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Wipro Price Performance

The stock has a market cap of $22.58 billion, a P/E ratio of 15.39, a PEG ratio of 4.60 and a beta of 0.97. The business’s 50 day simple moving average is $2.09 and its 200 day simple moving average is $2.41.

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

Institutional Inflows and Outflows

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