Wipro (NYSE:WIT) Shares Gap Down - Should You Sell?

Wipro Limited (NYSE:WIT - Get Free Report) gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. UBS Group upgraded shares of Wipro from a "sell" rating to a "neutral" rating in a research report on Thursday. Investec cut shares of Wipro from a "hold" rating to a "sell" rating in a research note on Thursday, October 3rd. StockNews.com upgraded shares of Wipro from a "hold" rating to a "buy" rating in a research note on Monday. Finally, HSBC upgraded Wipro from a "reduce" rating to a "hold" rating in a research note on Monday, December 9th. Three research analysts have rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $5.60.

Wipro Stock Down 2.0 %

The stock's 50 day moving average is $5.77 and its 200 day moving average is $6.09. The company has a market capitalization of $36.58 billion, a PE ratio of 25.93, a PEG ratio of 4.92 and a beta of 0.91. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.69 and a current ratio of 2.69.

Wipro (NYSE:WIT - Get Free Report) last posted its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $2.66 billion for 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%. On average, sell-side analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC bought a new position in shares of Wipro in the second quarter valued at approximately $531,000. Segall Bryant & Hamill LLC purchased a new stake in Wipro in the 3rd quarter worth approximately $610,000. Allspring Global Investments Holdings LLC purchased a new stake in Wipro in the 3rd quarter worth approximately $860,000. AQR Capital Management LLC boosted its holdings in Wipro by 12.9% in the 2nd quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider's stock valued at $4,223,000 after purchasing an additional 79,431 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Wipro by 207.4% during the 3rd quarter. Blue Trust Inc. now owns 183,008 shares of the information technology services provider's stock valued at $1,116,000 after purchasing an additional 123,478 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company's stock.

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.