Wipro Limited (NYSE:WIT) Receives Average Rating of “Reduce” from Brokerages

Wipro Limited (NYSE:WIT) has been given a consensus recommendation of “Reduce” by the five ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and four have issued a hold rating on the company.

Several research firms have recently commented on WIT. CLSA cut Wipro from an “outperform” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th.

Wipro Price Performance

NYSE:WIT traded up $0.05 during mid-day trading on Wednesday, hitting $2.85. The company’s stock had a trading volume of 180,922 shares, compared to its average volume of 6,623,411. Wipro has a 1 year low of $2.55 and a 1 year high of $3.79. The business’s fifty day moving average is $2.70 and its two-hundred day moving average is $2.79. The stock has a market cap of $29.79 billion, a price-to-earnings ratio of 18.97, a PEG ratio of 17.07 and a beta of 1.05.

Hedge Funds Weigh In On Wipro

Several hedge funds have recently added to or reduced their stakes in WIT. R Squared Ltd raised its position in Wipro by 16.0% in the second quarter. R Squared Ltd now owns 27,810 shares of the information technology services provider’s stock valued at $84,000 after purchasing an additional 3,830 shares during the last quarter. Tidal Investments LLC raised its position in Wipro by 19.3% in the 2nd quarter. Tidal Investments LLC now owns 27,260 shares of the information technology services provider’s stock worth $82,000 after purchasing an additional 4,403 shares during the period. Fragasso Financial Advisors Inc increased its position in Wipro by 30.5% during the 3rd quarter. Fragasso Financial Advisors Inc now owns 19,317 shares of the information technology services provider’s stock valued at $51,000 after purchasing an additional 4,511 shares during the period. Diversified Trust Co boosted its holdings in Wipro by 6.5% in the third quarter. Diversified Trust Co now owns 82,813 shares of the information technology services provider’s stock worth $218,000 after acquiring an additional 5,036 shares in the last quarter. Finally, Cresset Asset Management LLC grew its position in Wipro by 10.2% in the 2nd quarter. Cresset Asset Management LLC now owns 55,883 shares of the information technology services provider’s stock worth $169,000 after purchasing an additional 5,166 shares during the period. 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 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.