Market Runner: Is Wipro Limited (ADR)’s Fuel Running Low? The Stock Reaches 52 Week Low Today

Market Runner: Is Wipro Limited (ADR)'s Fuel Running Low? The Stock Reaches 52 Week Low Today

The stock of Wipro Limited (ADR) (NYSE:WIT) hit a new 52-week low and has $8.53 target or 7.00% below today’s $9.17 share price. The 8 months bearish chart indicates high risk for the $15.97 billion company. The 1-year low was reported on Nov, 14 by Barchart.com. If the $8.53 price target is reached, the company will be worth $1.12B 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 240,168 shares traded hands. Wipro Limited (ADR) (NYSE:WIT) has declined 25.76% since April 12, 2016 and is downtrending. It has underperformed by 30.74% the S&P500.

Wipro Limited (ADR) (NYSE:WIT) Ratings Coverage

Out of 7 analysts covering Wipro Limited (NYSE:WIT), 0 rate it a “Buy”, 5 “Sell”, while 2 “Hold”. This means 0 are positive. Wipro Limited has been the topic of 8 analyst reports since August 5, 2015 according to StockzIntelligence Inc. On Tuesday, September 22 the stock rating was upgraded by Zacks to “Hold”. The rating was downgraded by HSBC on Tuesday, August 9 to “Reduce”. The stock has “Underperform” rating given by Sterne Agee CRT on Thursday, December 17. The stock of Wipro Limited (ADR) (NYSE:WIT) earned “Reduce” rating by Nomura on Monday, October 24. Morgan Stanley downgraded the stock to “Equal-Weight” rating in Thursday, February 11 report. The rating was initiated by Wedbush on Friday, September 9 with “Underperform”. The firm earned “Sell” rating on Thursday, April 21 by Citigroup. The company was downgraded on Wednesday, August 5 by Zacks.

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.”

Another recent and important Wipro Limited (ADR) (NYSE:WIT) news was published by Zacks.com which published an article titled: “Wipro Ltd-adr: (WIT)” on October 01, 2002.

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.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Related posts

Leave a Comment