Wipro (NYSE:WIT) Stock Price Down 4.1% – Should You Sell?

Wipro Limited (NYSE:WIT) fell 4.1% during mid-day trading on Thursday . The company traded as low as $3.30 and last traded at $3.30. 567,888 shares were traded during mid-day trading, a decline of 83% from the average session volume of 3,315,964 shares. The stock had previously closed at $3.44.

Wall Street Analysts Forecast Growth

WIT has been the subject of several analyst reports. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Wipro currently has a consensus rating of “Hold”.

Wipro Price Performance

The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average price is $5.13 and its two-hundred day moving average price is $5.92. The firm has a market capitalization of $35.90 billion, a price-to-earnings ratio of 25.44, a P/E/G ratio of 4.55 and a beta of 0.91.

Wipro (NYSE:WIT) last posted its quarterly 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. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. Analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its position in shares of Wipro by 67.6% in the second quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after buying an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Wipro by 72.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock worth $24,638,000 after purchasing an additional 1,593,619 shares during the last quarter. Marshall Wace LLP bought a new stake in Wipro during the second quarter worth approximately $7,994,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Wipro by 116.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock valued at $10,435,000 after purchasing an additional 867,516 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its stake in shares of Wipro by 143.4% in the second quarter. Squarepoint Ops LLC now owns 821,228 shares of the information technology services provider’s stock worth $5,009,000 after buying an additional 483,893 shares during the last quarter. Institutional investors 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.