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

Wipro Limited (NYSE:WIT) 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.

Analyst Ratings Changes

WIT has been the subject of several recent analyst reports. StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research note on Monday, December 30th. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Finally, UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday. Three 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. According to MarketBeat, Wipro has an average rating of “Hold” and a consensus target price of $5.60.

Wipro Trading Down 2.0 %

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 is $5.71 and its 200-day moving average is $6.07. The company has a market cap of $36.58 billion, a PE ratio of 25.93, a P/E/G ratio of 4.92 and a beta of 0.91.

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

Institutional Investors Weigh In On Wipro

Several institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of 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 during the last quarter. Abacus Wealth Partners LLC bought a new position in Wipro during the third quarter valued at $71,000. Werba Rubin Papier Wealth Management bought a new position in Wipro during the third quarter valued at $71,000. Catalytic Wealth RIA LLC purchased a new stake in shares of Wipro in the third quarter valued at $81,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Wipro by 16.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after acquiring an additional 2,104 shares during the last quarter. 2.36% of the stock is owned by institutional investors.

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.