Wipro (NYSE:WIT) Shares Gap Down – Should You Sell?

Wipro Limited (NYSE:WIT)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $3.14, but opened at $3.06. Wipro shares last traded at $3.09, with a volume of 259,862 shares.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a report on Monday, January 20th. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. Finally, HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Wipro presently has an average rating of “Moderate Buy”.

Wipro Trading Down 1.5 %

The stock has a market cap of $31.74 billion, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 3.08 and a beta of 0.94. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.83 and a current ratio of 2.83. The company’s 50 day simple moving average is $3.50 and its two-hundred day simple moving average is $5.18.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. Wipro had a net margin of 13.96% and a return on equity of 15.46%. Research analysts expect that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Trading of Wipro

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Wipro by 92.0% during 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 purchasing an additional 11,196,013 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of Wipro by 177.6% during the 4th quarter. Schroder Investment Management Group now owns 9,683,559 shares of the information technology services provider’s stock worth $34,280,000 after purchasing an additional 6,195,561 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Wipro in the 4th quarter worth approximately $20,008,000. BNP Paribas Financial Markets raised its holdings in shares of Wipro by 36.4% in the 4th quarter. BNP Paribas Financial Markets now owns 15,798,020 shares of the information technology services provider’s stock worth $55,925,000 after buying an additional 4,215,981 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Wipro by 97.9% in the 4th quarter. Fisher Asset Management LLC now owns 7,524,297 shares of the information technology services provider’s stock worth $26,636,000 after buying an additional 3,722,115 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

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.