Wipro (NYSE:WIT) Reaches New 12-Month Low - Should You Sell?

Key Points

• Wipro Limited shares reached a new 52-week low, trading at $2.63, and closed at $2.64 with around 3.67 million shares exchanged.
• Analyst ratings for Wipro show a mix of changes, with Jefferies lowering its rating to "underperform" while Wall Street Zen upgraded it to "buy"; the overall consensus remains a "Hold."
• The company reported earnings of $0.04 per share for the last quarter, aligning with analyst expectations, but its revenue fell short at $2.58 billion against estimates of $219.23 billion.

Wipro Limited (NYSE:WIT - Get Free Report) hit a new 52-week low on Wednesday . The company traded as low as $2.63 and last traded at $2.64, with a volume of 3670376 shares. The stock had previously closed at $2.68.

Analyst Ratings Changes

Several equities research analysts have weighed in on WIT shares. Morgan Stanley upgraded Wipro from an "underweight" rating to an "equal weight" rating in a report on Friday, June 20th. Wall Street Zen upgraded Wipro from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold".

Wipro Stock Up 0.8%

The company has a fifty day moving average price of $2.93 and a 200-day moving average price of $3.06. The stock has a market capitalization of $28.03 billion, a P/E ratio of 17.29, a PEG ratio of 9.69 and a beta of 0.93.

Wipro (NYSE:WIT - Get Free Report) last announced its earnings results on Thursday, July 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. Wipro had a return on equity of 15.94% and a net margin of 15.07%. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $219.23 billion. As a group, research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC lifted its holdings in Wipro by 4.1% during the second quarter. Acadian Asset Management LLC now owns 21,841,995 shares of the information technology services provider's stock worth $65,948,000 after buying an additional 864,481 shares during the period. BNP Paribas Financial Markets increased its position in shares of Wipro by 36.4% during the fourth quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock worth $55,925,000 after purchasing an additional 4,215,981 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Wipro by 22.0% in the 1st 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 period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Wipro by 45.4% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,227,213 shares of the information technology services provider's stock valued at $22,115,000 after acquiring an additional 2,257,828 shares during the period. Finally, Millennium Management LLC increased its position in shares of Wipro by 70.4% in the 1st quarter. Millennium Management LLC now owns 7,114,173 shares of the information technology services provider's stock valued at $21,769,000 after acquiring an additional 2,939,007 shares during the period. Hedge funds and other institutional investors own 2.36% of the company's stock.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.