Wipro (NYSE:WIT) Share Price Breaks Below 200 Day Moving Average - Time to Sell?

Key Points

• Wipro shares fell below their 200-day moving average, trading as low as $2.06 versus the $2.10 average, with the stock last quoted at $2.0850.
• Analyst sentiment is strongly bearish: four analysts rate Wipro a Sell, the consensus rating is “Strong Sell,” and the average price target is $1.70.
• Wipro’s latest quarterly earnings came in below expectations, with adjusted EPS of $0.03 versus the $0.04 consensus, while revenue matched estimates at $2.58 billion.

Wipro Limited (NYSE:WIT - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $2.10 and traded as low as $2.06. Wipro shares last traded at $2.0850, with a volume of 11,870,604 shares trading hands.

Analyst Upgrades and Downgrades

WIT has been the subject of several recent research reports. Weiss Ratings downgraded Wipro from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, October 2nd. CLSA downgraded Wipro from a "hold" rating to an "underperform" rating in a research note on Wednesday, August 19th. Four research analysts have rated the stock with a Sell rating. According to data from MarketBeat.com, the company presently has an average rating of "Strong Sell" and a consensus target price of $1.70.

Wipro Trading Down 1.2%

The business has a fifty day moving average price of $1.80 and a two-hundred day moving average price of $2.10. The firm has a market capitalization of $20.62 billion, a PE ratio of 16.04, a PEG ratio of 4.22 and a beta of 0.97.

Wipro (NYSE:WIT - Get Free Report) last issued its quarterly earnings data on Thursday, October 15th. The information technology services provider reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.01). The firm had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.58 billion. Wipro had a net margin of 13.58% and a return on equity of 15.64%. On average, equities analysts forecast that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of institutional investors and hedge funds have recently made changes to their positions in WIT. rebel Financial LLC purchased a new position in shares of Wipro in the 1st quarter valued at about $25,000. Commonwealth Financial Services LLC purchased a new stake in Wipro in the 1st quarter valued at approximately $25,000. Wealthcare Advisory Partners LLC acquired a new stake in shares of Wipro during the 2nd quarter valued at approximately $28,000. Nolet Wealth Management LLC acquired a new position in shares of Wipro during the 2nd quarter worth $28,000. Finally, Hamilton Capital LLC purchased a new position in shares of Wipro during the second quarter valued at approximately $31,000. 2.36% of the stock is owned by institutional investors and hedge funds.

About Wipro

Wipro Limited is a global information technology, consulting and business process services company headquartered in Bengaluru, India. The company helps organizations modernize their technology operations, improve business processes and implement digital transformation initiatives.

Wipro provides services including cloud computing, cybersecurity, data and analytics, artificial intelligence, application development and management, engineering, infrastructure services, and business process services.

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