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

Wipro Limited (NYSE:WIT) gapped down before the market opened on Monday . The stock had previously closed at $2.10, but opened at $2.03. Wipro shares last traded at $2.1650, with a volume of 2,146,878 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings cut shares of Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Wipro Trading Down 1.1%

The firm has a market cap of $22.58 billion, a PE ratio of 15.39, a P/E/G ratio of 4.78 and a beta of 0.97. The business has a fifty day moving average price of $2.09 and a 200 day moving average price of $2.41.

Wipro (NYSE:WIT) last announced its quarterly earnings results on Thursday, April 16th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 14.97% and a net margin of 14.25%.The firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.65 billion. On average, research analysts expect that Wipro Limited will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wipro

Several hedge funds and other institutional investors have recently bought and sold shares of WIT. First Trust Advisors LP increased its position in shares of Wipro by 8.6% during the third quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock worth $43,801,000 after purchasing an additional 1,317,586 shares in the last quarter. Caprock Group LLC purchased a new position in Wipro during the 3rd quarter worth approximately $694,000. JPMorgan Chase & Co. grew its stake in Wipro by 24.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider’s stock worth $18,665,000 after buying an additional 1,384,264 shares during the last quarter. Thrivent Financial for Lutherans purchased a new position in Wipro during the 3rd quarter worth approximately $1,890,000. Finally, UBS Group AG grew its stake in Wipro by 4.7% during the 4th quarter. UBS Group AG now owns 13,654,405 shares of the information technology services provider’s stock worth $38,779,000 after buying an additional 609,565 shares during the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.