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 research note published on Wednesday.

Several other research analysts have also commented on WIT. Nomura started coverage on Wipro in a research note on Tuesday, July 2nd. They issued a buy rating for the company. Nomura Securities upgraded shares of Wipro to a strong-buy rating in a research note on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $5.60.

Wipro Price Performance

Wipro stock opened at $6.37 on Wednesday. The firm has a 50-day moving average of $6.21 and a two-hundred day moving average of $5.86. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.70 and a quick ratio of 2.70. Wipro has a 1 year low of $4.48 and a 1 year high of $7.01. The stock has a market cap of $33.28 billion, a price-to-earnings ratio of 25.48, a price-to-earnings-growth ratio of 4.49 and a beta of 0.90.

Wipro (NYSE:WIT) last announced its quarterly 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. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a net margin of 12.57% and a return on equity of 15.01%. During the same quarter in the prior year, the company earned $0.06 EPS. On average, research analysts forecast that Wipro will post 0.27 earnings per share for the current year.

Institutional Trading of Wipro

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its holdings in Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after buying an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in shares of Wipro during the 1st quarter worth about $60,000. Mayflower Financial Advisors LLC acquired a new stake in shares of Wipro during the 2nd quarter valued at about $64,000. Atomi Financial Group Inc. increased its stake in shares of Wipro by 29.4% in the 1st quarter. Atomi Financial Group Inc. now owns 13,305 shares of the information technology services provider’s stock valued at $77,000 after purchasing an additional 3,023 shares in the last quarter. Finally, Advisors Preferred LLC acquired a new position in Wipro in the 1st quarter worth about $79,000. 2.36% of the stock is owned by institutional investors and hedge funds.

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.