The stock of Wipro Limited (ADR) (NYSE:WIT) hit a new 52-week low and has $8.85 target or 9.00% below today’s $9.73 share price. The 6 months bearish chart indicates high risk for the $17.62B company. The 1-year low was reported on Oct, 3 by Barchart.com. If the $8.85 price target is reached, the company will be worth $1.59B less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. The stock increased 0.21% or $0.02 during the last trading session, hitting $9.73. About 1.04M shares traded hands or 28.53% up from the average. Wipro Limited (ADR) (NYSE:WIT) has declined 13.15% since February 29, 2016 and is downtrending. It has underperformed by 25.36% the S&P500.
Analysts await Wipro Limited (ADR) (NYSE:WIT) to report earnings on October, 19. They expect $0.14 earnings per share, 0.00% or $0.00 from last year’s $0.14 per share. WIT’s profit will be $253.53M for 17.38 P/E if the $0.14 EPS becomes a reality. After $0.12 actual earnings per share reported by Wipro Limited (ADR) for the previous quarter, Wall Street now forecasts 16.67% EPS growth.
Wipro Limited (ADR) (NYSE:WIT) Ratings Coverage
Out of 6 analysts covering Wipro Limited (NYSE:WIT), 0 rate it a “Buy”, 4 “Sell”, while 2 “Hold”. This means 0 are positive. Wipro Limited has been the topic of 7 analyst reports since August 5, 2015 according to StockzIntelligence Inc. HSBC downgraded the shares of WIT in a report on Tuesday, August 9 to “Reduce” rating. The firm has “Hold” rating given on Tuesday, September 22 by Zacks. Wedbush initiated the stock with “Underperform” rating in Friday, September 9 report. Morgan Stanley downgraded the shares of WIT in a report on Thursday, February 11 to “Equal-Weight” rating. The stock of Wipro Limited (ADR) (NYSE:WIT) earned “Underperform” rating by Sterne Agee CRT on Thursday, December 17. The rating was downgraded by Zacks to “Hold” on Wednesday, August 5. The stock has “Sell” rating given by Citigroup on Thursday, April 21.
According to Zacks Investment Research, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally.”
More notable recent Wipro Limited (ADR) (NYSE:WIT) news were published by: Zacks.com which released: “Wipro Ltd-adr: (WIT)” on October 01, 2002, also Benzinga.com with their article: “Citi Downgrades Wipro To Sell Due To Slowing Organic Growth” published on April 21, 2016, Businesswire.com published: “Wipro Announces Buyback Offer” on April 22, 2016. More interesting news about Wipro Limited (ADR) (NYSE:WIT) were released by: Fool.com and their article: “Three Indian Technology and Service Companies Worth Considering” published on June 13, 2016 as well as Nasdaq.com‘s news article titled: “Top 11 Indian ADRs For U.S. Investors” with publication date: October 05, 2015.
WIT Company Profile
Wipro Limited (Wipro), incorporated on December 29, 1945, is a global information technology (IT) services provider. It operates through two divisions: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services. IT Products segment provides a range of third-party IT products, which allows it to offer IT system integration services.
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