Wipro (NYSE:WIT) Shares Gap Down – Time to Sell?

Wipro Limited (NYSE:WIT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $3.57, but opened at $3.46. Wipro shares last traded at $3.47, with a volume of 252,807 shares traded.

Analyst Ratings Changes

WIT has been the subject of several analyst reports. Investec cut Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Finally, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Monday. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.60.

Wipro Trading Down 2.2 %

The company has a market capitalization of $36.47 billion, a P/E ratio of 25.85, a P/E/G ratio of 4.92 and a beta of 0.92. The stock’s 50 day moving average is $5.77 and its 200-day moving average is $6.09. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69.

Wipro (NYSE:WIT) last released its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The firm had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.66 billion. As a group, equities research analysts anticipate that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in Wipro by 37.8% during the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after purchasing an additional 2,426 shares in the last quarter. Mayflower Financial Advisors LLC purchased a new stake in shares of Wipro during the second quarter valued at approximately $64,000. Abacus Wealth Partners LLC bought a new stake in shares of Wipro during the third quarter valued at approximately $71,000. Werba Rubin Papier Wealth Management purchased a new position in Wipro in the 3rd quarter worth approximately $71,000. Finally, Catalytic Wealth RIA LLC bought a new position in Wipro in the 3rd quarter valued at approximately $81,000. 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.