Pinpoint Asset Management Singapore Pte. Ltd. Makes New Investment in Wipro Limited $WIT

Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Wipro Limited (NYSE:WIT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 238,148 shares of the information technology services provider’s stock, valued at approximately $719,000.

Other institutional investors have also bought and sold shares of the company. Vest Financial LLC bought a new stake in shares of Wipro during the 2nd quarter valued at about $31,000. Hamilton Capital LLC bought a new stake in shares of Wipro in the 1st quarter valued at $32,000. Haven Private LLC acquired a new position in shares of Wipro during the 2nd quarter valued at $39,000. Rehmann Capital Advisory Group acquired a new position in shares of Wipro during the 2nd quarter valued at $40,000. Finally, Hoxton Planning & Management LLC bought a new position in Wipro during the first quarter worth $48,000. Institutional investors own 2.36% of the company’s stock.

Wipro Stock Performance

Wipro stock opened at $2.69 on Wednesday. Wipro Limited has a fifty-two week low of $2.55 and a fifty-two week high of $3.79. The firm’s fifty day moving average price is $2.68 and its 200-day moving average price is $2.81. The stock has a market cap of $28.21 billion, a P/E ratio of 17.96, a price-to-earnings-growth ratio of 16.16 and a beta of 1.02.

Analysts Set New Price Targets

WIT has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. CLSA lowered shares of Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Wipro has a consensus rating of “Reduce”.

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.