Wipro (NYSE:WIT) Hits New 12-Month Low - Time to Sell?

Wipro Limited (NYSE:WIT - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $2.81 and last traded at $2.86, with a volume of 5662755 shares changing hands. The stock had previously closed at $2.87.

Analyst Upgrades and Downgrades

WIT has been the subject of a number of research analyst reports. Jefferies Financial Group lowered Wipro from a "hold" rating to an "underperform" rating in a report on Tuesday, April 8th. StockNews.com upgraded shares of Wipro from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold".

Wipro Stock Performance

The firm has a fifty day simple moving average of $2.99 and a 200 day simple moving average of $4.26. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The stock has a market cap of $30.33 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 3.08 and a beta of 0.96.

Wipro (NYSE:WIT - Get Free Report) last issued its earnings results on Wednesday, April 16th. The information technology services provider reported $0.04 EPS for the quarter, meeting analysts' consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. The business had revenue of $2.62 billion during the quarter, compared to analyst estimates of $225.66 billion. As a group, sell-side analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Trading of Wipro

Several institutional investors have recently bought and sold shares of WIT. Vanguard Group Inc. raised its stake in shares of Wipro by 92.0% in the fourth quarter. Vanguard Group Inc. now owns 23,359,346 shares of the information technology services provider's stock valued at $82,692,000 after acquiring an additional 11,196,013 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Wipro by 36.4% during the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider's stock valued at $55,925,000 after purchasing an additional 4,215,981 shares in the last quarter. Schroder Investment Management Group raised its position in Wipro by 177.6% in the 4th quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider's stock valued at $34,280,000 after purchasing an additional 6,195,561 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Wipro by 41.5% in the fourth quarter. JPMorgan Chase & Co. now owns 8,744,712 shares of the information technology services provider's stock worth $30,956,000 after purchasing an additional 2,566,388 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Wipro by 97.9% during the fourth quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider's stock worth $26,636,000 after purchasing an additional 3,722,115 shares during the last quarter. Institutional investors and hedge funds own 2.36% of the company's stock.

Wipro Company Profile

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.