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 $3.13, but opened at $3.04. Wipro shares last traded at $3.05, with a volume of 293,236 shares traded.

Analysts Set New Price Targets

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

Wipro Trading Down 3.0 %

The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $31.74 billion, a PE ratio of 20.93, a P/E/G ratio of 3.08 and a beta of 0.94. The stock has a 50 day moving average price of $3.41 and a 200-day moving average price of $4.92.

Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, January 17th. 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 15.46% and a net margin of 13.96%. Sell-side analysts expect that Wipro Limited will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Citigroup Inc. raised its holdings in Wipro by 8.5% in the 3rd quarter. Citigroup Inc. now owns 842,893 shares of the information technology services provider’s stock worth $5,462,000 after purchasing an additional 65,981 shares during the period. Cerity Partners LLC raised its stake in shares of Wipro by 40.4% in the third quarter. Cerity Partners LLC now owns 229,004 shares of the information technology services provider’s stock worth $1,484,000 after buying an additional 65,922 shares during the period. FMR LLC lifted its position in shares of Wipro by 62.0% during the 3rd quarter. FMR LLC now owns 166,071 shares of the information technology services provider’s stock valued at $1,076,000 after buying an additional 63,586 shares in the last quarter. Townsquare Capital LLC bought a new position in shares of Wipro during the 3rd quarter valued at approximately $136,000. Finally, Glenmede Trust Co. NA increased its holdings in Wipro by 4.9% in the 3rd quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after acquiring an additional 1,746 shares in the last quarter. 2.36% of the stock is currently owned by institutional investors.

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.