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

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

Other research analysts have also recently issued research reports about the stock. Nomura initiated coverage on shares of Wipro in a research note on Tuesday, July 2nd. They issued a buy rating for the company. Nomura Securities raised Wipro to a strong-buy rating in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $5.60.

Wipro Stock Performance

Shares of NYSE:WIT opened at $6.46 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70. The business’s fifty day moving average price is $6.20 and its two-hundred day moving average price is $5.87. Wipro has a fifty-two week low of $4.48 and a fifty-two week high of $7.01. The stock has a market capitalization of $33.72 billion, a price-to-earnings ratio of 25.84, a price-to-earnings-growth ratio of 4.49 and a beta of 0.90.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 12.57% and a return on equity of 15.01%. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same quarter in the prior year, the firm earned $0.06 EPS. As a group, analysts predict that Wipro will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after acquiring an additional 1,858 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Wipro in the first quarter worth about $60,000. Mayflower Financial Advisors LLC bought a new position in shares of Wipro in the second quarter worth about $64,000. Atomi Financial Group Inc. raised its stake in shares of Wipro by 29.4% in the first quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock worth $77,000 after acquiring an additional 3,023 shares during the last quarter. Finally, Advisors Preferred LLC bought a new position in shares of Wipro in the first quarter worth about $79,000. 2.36% of the stock is owned by institutional investors.

Wipro Company Profile

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.