StockNews.com Lowers Wipro (NYSE:WIT) to Hold

StockNews.com cut shares of Wipro (NYSE:WIT) from a buy rating to a hold rating in a research report report published on Wednesday morning.

A number of other analysts also recently weighed in on WIT. Wedbush boosted their target price on shares of Wipro from $4.00 to $6.00 and gave the stock an underperform rating in a report on Tuesday, January 16th. BNP Paribas started coverage on shares of Wipro in a report on Wednesday, January 17th. They set an underperform rating and a $5.20 price target on the stock. Finally, TheStreet upgraded shares of Wipro from a c+ rating to a b- rating in a report on Friday, January 12th. Four investment analysts have rated the stock with a sell rating and one has assigned a hold rating to the stock. Based on data from MarketBeat, the company has an average rating of Reduce and an average price target of $5.05.

Wipro Stock Performance

Wipro stock opened at $5.46 on Wednesday. The company’s 50-day moving average price is $5.84 and its 200-day moving average price is $5.42. Wipro has a twelve month low of $4.48 and a twelve month high of $6.45. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. The company has a market cap of $28.46 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 2.19 and a beta of 0.87.

Institutional Investors Weigh In On Wipro

Several large investors have recently added to or reduced their stakes in WIT. GAMMA Investing LLC boosted its position in Wipro by 47.2% in the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after buying an additional 1,858 shares during the period. AlphaQ Advisors LLC purchased a new stake in Wipro in the 3rd quarter valued at about $48,000. Marks Group Wealth Management Inc purchased a new stake in Wipro in the 3rd quarter valued at about $49,000. Keel Point LLC purchased a new stake in Wipro in the 3rd quarter valued at about $54,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new stake in Wipro in the 3rd quarter valued at about $56,000. 2.36% of the stock is owned by hedge funds and other institutional investors.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.