Wipro (NYSE:WIT) Upgraded at StockNews.com

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

Other research analysts have also issued reports about the stock. Nomura initiated coverage on shares of Wipro in a report 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 report on Tuesday, July 2nd. Finally, Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.60.

Wipro Stock Down 3.0 %

Shares of WIT stock opened at $6.48 on Tuesday. The company’s fifty day simple moving average is $6.44 and its two-hundred day simple moving average is $6.00. Wipro has a 52 week low of $4.49 and a 52 week high of $7.01. The stock has a market cap of $33.85 billion, a P/E ratio of 24.00, a PEG ratio of 4.43 and a beta of 0.90. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08.

Hedge Funds Weigh In On Wipro

A number of large investors have recently made changes to their positions in WIT. BNP Paribas Financial Markets raised its position in Wipro by 65.5% in the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after purchasing an additional 2,437,802 shares during the period. Millennium Management LLC lifted its stake in shares of Wipro by 67.6% during the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock worth $34,298,000 after acquiring an additional 2,267,995 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Wipro by 6,295.2% during the 1st quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock valued at $10,260,000 after acquiring an additional 1,771,854 shares during the period. Marshall Wace LLP bought a new position in Wipro in the 2nd quarter valued at $7,994,000. Finally, Jane Street Group LLC increased its stake in Wipro by 292.0% in the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after purchasing an additional 1,001,644 shares during the period. 2.36% of the stock is owned by hedge funds and other 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.