Wipro (NYSE:WIT) Stock Price Down 4.7% - Should You Sell?

Wipro Limited (NYSE:WIT - Get Free Report) shares traded down 4.7% during trading on Thursday . The stock traded as low as $2.87 and last traded at $2.93. 3,783,295 shares traded hands during trading, a decline of 32% from the average session volume of 5,570,259 shares. The stock had previously closed at $3.07.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Wipro from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Jefferies Financial Group cut shares of Wipro from a "hold" rating to an "underperform" rating in a research report on Tuesday, April 8th. Finally, Morgan Stanley raised shares of Wipro from an "underweight" rating to an "equal weight" rating in a research report on Friday, June 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Wipro has an average rating of "Hold".

Wipro Price Performance

The firm has a market capitalization of $30.60 billion, a PE ratio of 19.50, a price-to-earnings-growth ratio of 8.85 and a beta of 1.02. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.71 and a current ratio of 2.72. The business's 50 day moving average is $2.96 and its two-hundred day moving average is $3.17.

Wipro (NYSE:WIT - Get Free Report) last released its quarterly 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 net margin of 14.73% and a return on equity of 15.97%. The firm had revenue of $2.62 billion during the quarter, compared to analyst estimates of $225.66 billion. Equities research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Trading of Wipro

Several hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its holdings in shares of Wipro by 148.3% during the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider's stock valued at $29,000 after buying an additional 4,851 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Wipro by 5.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,692 shares of the information technology services provider's stock valued at $278,000 after purchasing an additional 5,103 shares during the period. PNC Financial Services Group Inc. lifted its position in Wipro by 2.7% during the first quarter. PNC Financial Services Group Inc. now owns 215,015 shares of the information technology services provider's stock valued at $658,000 after purchasing an additional 5,618 shares during the period. Focus Partners Advisor Solutions LLC lifted its position in Wipro by 62.4% during the first quarter. Focus Partners Advisor Solutions LLC now owns 16,253 shares of the information technology services provider's stock valued at $50,000 after purchasing an additional 6,245 shares during the period. Finally, Geode Capital Management LLC lifted its position in Wipro by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 68,860 shares of the information technology services provider's stock valued at $244,000 after purchasing an additional 6,323 shares during the period. 2.36% of the stock is owned by institutional investors.

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.