Wipro Limited (NYSE:WIT) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of Wipro Limited (NYSE:WIT) have received an average rating of “Reduce” from the five ratings firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company.

WIT has been the subject of a number of recent research reports. CLSA cut shares of Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a report on Thursday, October 30th.

Wipro Stock Up 1.6%

Shares of Wipro stock traded up $0.05 during trading hours on Wednesday, reaching $2.85. 180,922 shares of the company’s stock were exchanged, compared to its average volume of 6,623,411. Wipro has a 1 year low of $2.55 and a 1 year high of $3.79. The company has a market capitalization of $29.79 billion, a P/E ratio of 18.97, a price-to-earnings-growth ratio of 17.07 and a beta of 1.05. The business has a fifty day moving average of $2.70 and a two-hundred day moving average of $2.79.

Institutional Investors Weigh In On Wipro

Several hedge funds have recently added to or reduced their stakes in WIT. Vest Financial LLC acquired a new stake in shares of Wipro in the 2nd quarter valued at $31,000. Interchange Capital Partners LLC bought a new stake in shares of Wipro during the third quarter worth about $27,000. Curi Capital LLC purchased a new stake in Wipro in the 2nd quarter valued at $31,000. Walkner Condon Financial Advisors LLC purchased a new position in shares of Wipro in the 3rd quarter worth approximately $27,000. Finally, Hamilton Capital LLC bought a new position in Wipro during the first quarter valued at about $32,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. 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.