Wipro (NYSE:WIT) Reaches New 1-Year Low – Time to Sell?

Wipro Limited (NYSE:WIT)’s stock price reached a new 52-week low on Monday . The company traded as low as $1.91 and last traded at $1.9050, with a volume of 5336475 shares changing hands. The stock had previously closed at $1.95.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings lowered shares of Wipro from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, April 22nd. Morgan Stanley downgraded Wipro to an “underweight” rating in a report on Monday, January 19th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Wipro has an average rating of “Reduce”.

Wipro Stock Performance

The company has a market cap of $19.96 billion, a PE ratio of 13.61, a PEG ratio of 4.27 and a beta of 0.92. The firm has a fifty day simple moving average of $2.17 and a 200 day simple moving average of $2.50.

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 the consensus estimate of $0.04. Wipro had a net margin of 14.25% and a return on equity of 14.97%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.65 billion. As a group, equities analysts predict that Wipro Limited will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in shares of Wipro by 19.8% during the 1st quarter. Royal Bank of Canada now owns 120,431 shares of the information technology services provider’s stock worth $369,000 after buying an additional 19,901 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Wipro by 87.0% in the first quarter. NewEdge Advisors LLC now owns 270,702 shares of the information technology services provider’s stock valued at $828,000 after acquiring an additional 125,967 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Wipro by 22.0% in the first quarter. Goldman Sachs Group Inc. now owns 10,354,002 shares of the information technology services provider’s stock valued at $31,683,000 after acquiring an additional 1,864,943 shares during the last quarter. Jane Street Group LLC grew its position in Wipro by 184.9% during the first quarter. Jane Street Group LLC now owns 224,438 shares of the information technology services provider’s stock valued at $687,000 after acquiring an additional 145,658 shares during the period. Finally, Geode Capital Management LLC grew its position in Wipro by 14.3% during the second quarter. Geode Capital Management LLC now owns 107,021 shares of the information technology services provider’s stock valued at $323,000 after acquiring an additional 13,363 shares during the period. 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.