Wipro (NYSE:WIT) Shares Gap Up to $5.16

Wipro Limited (NYSE:WIT)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $5.16, but opened at $5.30. Wipro shares last traded at $5.35, with a volume of 884,204 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on WIT shares. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research note on Tuesday. Wedbush upped their price target on shares of Wipro from $4.00 to $6.00 and gave the company an “underperform” rating in a research note on Tuesday, January 16th. TheStreet upgraded shares of Wipro from a “c+” rating to a “b-” rating in a research note on Friday, January 12th. Finally, BNP Paribas started coverage on shares of Wipro in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.20 price target on the stock. Four analysts have rated the stock with a sell rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $5.05.

Wipro Stock Performance

The stock’s 50-day simple moving average is $5.92 and its 200-day simple moving average is $5.39. The stock has a market cap of $27.91 billion, a price-to-earnings ratio of 20.64, a price-to-earnings-growth ratio of 2.12 and a beta of 0.87. The company has a current ratio of 2.29, a quick ratio of 2.28 and a debt-to-equity ratio of 0.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its position 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 worth $33,000 after acquiring an additional 1,858 shares in the last quarter. CWM LLC boosted its position in shares of Wipro by 12.7% during the 4th quarter. CWM LLC now owns 17,286 shares of the information technology services provider’s stock worth $96,000 after acquiring an additional 1,951 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Wipro by 4.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 47,432 shares of the information technology services provider’s stock worth $366,000 after acquiring an additional 2,234 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Wipro by 10.1% during the 1st quarter. Franklin Resources Inc. now owns 24,557 shares of the information technology services provider’s stock worth $110,000 after acquiring an additional 2,259 shares in the last quarter. Finally, HB Wealth Management LLC boosted its position in shares of Wipro by 13.9% during the 4th quarter. HB Wealth Management LLC now owns 18,814 shares of the information technology services provider’s stock worth $105,000 after acquiring an additional 2,302 shares in the last quarter. 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.