Wipro (NYSE:WIT) Stock Price Down 6.2% – Time to Sell?

Shares of Wipro Limited (NYSE:WIT) dropped 6.2% during trading on Thursday . The company traded as low as $2.25 and last traded at $2.3250. Approximately 2,001,379 shares were traded during trading, a decline of 83% from the average daily volume of 11,831,810 shares. The stock had previously closed at $2.48.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Wipro from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, June 3rd. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Sell”.

Wipro Stock Performance

The stock has a market capitalization of $24.46 billion, a price-to-earnings ratio of 16.68, a P/E/G ratio of 5.19 and a beta of 0.97. The firm has a fifty day moving average of $2.11 and a 200-day moving average of $2.39.

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 the consensus estimate 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, analysts predict that Wipro Limited will post 0.14 EPS for the current year.

Institutional Trading of Wipro

Large investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP grew its stake 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 valued at $43,801,000 after acquiring an additional 1,317,586 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Wipro by 24.2% during the third quarter. JPMorgan Chase & Co. now owns 7,096,868 shares of the information technology services provider’s stock valued at $18,665,000 after acquiring an additional 1,384,264 shares in the last quarter. UBS Group AG grew its stake in shares of Wipro by 4.7% during the fourth quarter. UBS Group AG now owns 13,654,405 shares of the information technology services provider’s stock valued at $38,779,000 after acquiring an additional 609,565 shares in the last quarter. B. Metzler seel. Sohn & Co. AG acquired a new stake in shares of Wipro during the fourth quarter valued at about $5,075,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Wipro by 5.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 4,871,157 shares of the information technology services provider’s stock valued at $13,834,000 after acquiring an additional 263,631 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors and hedge funds.

About Wipro

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.