Wipro (NYSE:WIT) Rating Lowered to Hold at StockNews.com

Wipro (NYSE:WIT) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

A number of other analysts have also recently weighed in on the stock. TheStreet raised shares of Wipro from a “c+” rating to a “b-” rating in a report on Friday, January 12th. Wedbush raised their price objective on shares of Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a report on Tuesday, January 16th. Finally, BNP Paribas assumed coverage on shares of Wipro in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.20 target price on the stock. Four investment analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. According to MarketBeat, Wipro presently has an average rating of “Reduce” and a consensus price target of $5.05.

Wipro Stock Down 0.2 %

WIT stock opened at $5.51 on Wednesday. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09. Wipro has a twelve month low of $4.47 and a twelve month high of $6.45. The company’s 50 day moving average is $5.89 and its two-hundred day moving average is $5.41. The stock has a market cap of $28.75 billion, a P/E ratio of 22.04, a PEG ratio of 2.08 and a beta of 0.87.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in shares of Wipro by 47.2% during the 1st 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 during the last quarter. AlphaQ Advisors LLC purchased a new position in Wipro in the 3rd quarter worth approximately $48,000. Marks Group Wealth Management Inc purchased a new position in Wipro in the 3rd quarter worth approximately $49,000. Keel Point LLC purchased a new position in Wipro in the 3rd quarter worth approximately $54,000. Finally, Dorsey & Whitney Trust CO LLC purchased a new position in Wipro in the 3rd quarter worth approximately $56,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

Wipro Company Profile

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.