Wipro (NYSE:WIT) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Wipro (NYSE:WIT) from a hold rating to a buy rating in a report published on Tuesday.

Several other analysts also recently weighed in on WIT. Wedbush boosted their price objective on shares of Wipro from $4.00 to $6.00 and gave the stock an underperform rating in a research report on Tuesday, January 16th. TheStreet raised shares of Wipro from a c+ rating to a b- rating in a research note on Friday, January 12th. Finally, BNP Paribas initiated coverage on shares of Wipro in a research note on Wednesday, January 17th. They issued an underperform rating and a $5.20 price objective on the stock. Four equities research analysts have rated the stock with a sell rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Reduce and an average price target of $5.05.

Wipro Trading Down 1.7 %

NYSE WIT opened at $5.16 on Tuesday. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. Wipro has a 52 week low of $4.32 and a 52 week high of $6.45. The stock has a market capitalization of $26.92 billion, a PE ratio of 20.64, a price-to-earnings-growth ratio of 2.13 and a beta of 0.87. The firm has a 50 day moving average of $5.92 and a two-hundred day moving average of $5.39.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. 1832 Asset Management L.P. purchased a new position in Wipro in the first quarter valued at approximately $26,000. GAMMA Investing LLC grew its position in Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after acquiring an additional 1,858 shares in the last quarter. AlphaQ Advisors LLC acquired a new stake in shares of Wipro during the third quarter worth approximately $48,000. Marks Group Wealth Management Inc acquired a new stake in shares of Wipro during the third quarter worth approximately $49,000. Finally, Enterprise Financial Services Corp acquired a new position in Wipro in the fourth quarter worth $49,000. 2.36% of the stock is currently 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.