Wipro (NYSE:WIT) Stock Price Up 4.4%

Shares of Wipro Limited (NYSE:WIT) rose 4.4% on Monday . The company traded as high as $5.48 and last traded at $5.48. Approximately 1,296,362 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 2,831,397 shares. The stock had previously closed at $5.25.

Analysts Set New Price Targets

WIT has been the topic of a number of recent research reports. StockNews.com downgraded Wipro from a “buy” rating to a “hold” rating in a report on Wednesday. BNP Paribas assumed coverage on Wipro in a report on Wednesday, January 17th. They issued an “underperform” rating and a $5.20 target price on the stock. Wedbush raised their price objective on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a research note on Tuesday, January 16th. Finally, TheStreet raised Wipro from a “c+” rating to a “b-” rating in a research note on Friday, January 12th. Four investment analysts have rated the stock with a sell rating and one has given a hold rating to the stock. Based on data from MarketBeat.com, Wipro has a consensus rating of “Reduce” and a consensus target price of $5.05.

Wipro Price Performance

The company has a debt-to-equity ratio of 0.09, a current ratio of 2.29 and a quick ratio of 2.28. The firm has a 50-day moving average of $5.89 and a 200-day moving average of $5.41. The stock has a market cap of $28.75 billion, a PE ratio of 22.04, a PEG ratio of 2.19 and a beta of 0.87.

Institutional Trading of Wipro

Several institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its holdings in 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 buying an additional 1,858 shares in the last quarter. AlphaQ Advisors LLC purchased a new position in Wipro during the 3rd quarter valued at approximately $48,000. Marks Group Wealth Management Inc purchased a new position in Wipro during the 3rd quarter valued at approximately $49,000. Intelligence Driven Advisers LLC purchased a new position in Wipro during the 4th quarter valued at approximately $61,000. Finally, Keel Point LLC purchased a new position in Wipro during the 3rd quarter valued at approximately $54,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

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.