Stock Worth Watching: What’s in Wipro Limited (ADR) After Reaching 52 Week Low?

Stock Worth Watching: What's in Wipro Limited (ADR) After Reaching 52 Week Low?

The stock of Wipro Limited (ADR) (NYSE:WIT) hit a new 52-week low and has $9.17 target or 7.00% below today’s $9.86 share price. The 9 months bearish chart indicates high risk for the $18.02 billion company. The 1-year low was reported on Oct, 13 by Barchart.com. If the $9.17 price target is reached, the company will be worth $1.26 billion 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. About 531,025 shares traded hands. Wipro Limited (ADR) (NYSE:WIT) has declined 17.39% since March 10, 2016 and is downtrending. It has underperformed by 24.91% the S&P500.

Analysts await Wipro Limited (ADR) (NYSE:WIT) to report earnings on October, 19. They expect $0.14 EPS, 0.00% or $0.00 from last year’s $0.14 per share. WIT’s profit will be $255.86M for 17.61 P/E if the $0.14 EPS becomes a reality. After $0.12 actual EPS 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. Zacks upgraded the stock to “Hold” rating in Tuesday, September 22 report. The firm has “Sell” rating by Citigroup given on Thursday, April 21. Wedbush initiated it with “Underperform” rating and $8.50 target price in Friday, September 9 report. The stock has “Equal-Weight” rating given by Morgan Stanley on Thursday, February 11. The stock has “Hold” rating given by Zacks on Wednesday, August 5. The firm has “Underperform” rating by Sterne Agee CRT given on Thursday, December 17. HSBC downgraded the stock to “Reduce” rating in Tuesday, August 9 report.

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 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 published the news titled: “Citi Downgrades Wipro To Sell Due To Slowing Organic Growth” on April 21, 2016. Marketwatch.com‘s news article titled: “/quotes/zigman/3870025/realtime” with publication date: July 27, 2014 was also an interesting one.

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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