Wipro (NYSE:WIT) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Wipro Limited (NYSE:WIT) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $2.79 and traded as high as $2.87. Wipro shares last traded at $2.85, with a volume of 2,328,707 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WIT. CLSA downgraded Wipro from an “outperform” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a report on Thursday, October 30th. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Wipro has an average rating of “Reduce”.

Wipro Stock Down 0.3%

The firm has a 50-day simple moving average of $2.75 and a 200 day simple moving average of $2.79. The company has a market cap of $29.84 billion, a price-to-earnings ratio of 19.00, a price-to-earnings-growth ratio of 17.31 and a beta of 1.05.

Institutional Trading of Wipro

Large investors have recently bought and sold shares of the business. Walkner Condon Financial Advisors LLC acquired a new position in Wipro in the third quarter valued at $27,000. Interchange Capital Partners LLC purchased a new position in shares of Wipro during the third quarter worth about $27,000. Vest Financial LLC acquired a new position in Wipro in the 2nd quarter valued at about $31,000. Curi Capital LLC purchased a new stake in Wipro during the 2nd quarter valued at approximately $31,000. Finally, Hamilton Capital LLC acquired a new stake in Wipro during the 1st quarter worth approximately $32,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.