Wipro Limited (NYSE:WIT) Receives Consensus Recommendation of “Strong Sell” from Brokerages

Wipro Limited (NYSE:WIT) has been assigned an average recommendation of “Strong Sell” from the four ratings firms that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a sell rating. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $5.05.

WIT has been the topic of several recent analyst reports. TheStreet upgraded Wipro from a “c+” rating to a “b-” rating in a report on Friday, January 12th. StockNews.com lowered shares of Wipro from a “buy” rating to a “hold” rating in a research note on Wednesday, April 24th. BNP Paribas started coverage on shares of Wipro in a research note on Wednesday, January 17th. They set an “underperform” rating and a $5.20 target price on the stock. Finally, Wedbush raised their target price on Wipro from $4.00 to $6.00 and gave the stock an “underperform” rating in a research report on Tuesday, January 16th.

Wipro Stock Performance

WIT opened at $5.38 on Thursday. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09. The firm has a market cap of $28.08 billion, a PE ratio of 21.52, a P/E/G ratio of 2.18 and a beta of 0.87. The business has a fifty day simple moving average of $5.79 and a 200-day simple moving average of $5.43. Wipro has a fifty-two week low of $4.48 and a fifty-two week high of $6.45.

Hedge Funds Weigh In On Wipro

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after purchasing an additional 1,858 shares during the last quarter. AlphaQ Advisors LLC bought a new stake in shares of Wipro in the 3rd quarter valued at approximately $48,000. Marks Group Wealth Management Inc acquired a new position in Wipro in the third quarter worth approximately $49,000. Keel Point LLC bought a new position in Wipro during the third quarter valued at approximately $54,000. Finally, Dorsey & Whitney Trust CO LLC bought a new position in Wipro during the third quarter valued at approximately $56,000. 2.36% of the stock is currently owned by hedge funds and other institutional investors.

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.