Wipro (WIT) Shares Gap Up to $4.10
Shares of Wipro Limited (NYSE:WIT) gapped up prior to trading on Tuesday . The stock had previously closed at $4.00, but opened at $4.10. Wipro shares last traded at $4.26, with a volume of 2026239 shares.
Several analysts recently commented on the company. TheStreet raised Wipro from a “c” rating to a “b-” rating in a report on Friday, January 18th. Zacks Investment Research raised Wipro from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a report on Saturday, January 26th. Wedbush cut their price objective on Wipro from $4.25 to $3.75 and set an “underperform” rating for the company in a report on Thursday, March 21st. Credit Suisse Group lowered Wipro from a “neutral” rating to an “underperform” rating and set a $5.78 price objective for the company. in a report on Tuesday, February 26th. Finally, Deutsche Bank assumed coverage on Wipro in a report on Thursday, January 10th. They issued a “hold” rating for the company. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. Wipro has a consensus rating of “Hold” and an average price target of $5.18.
The company has a quick ratio of 2.77, a current ratio of 2.79 and a debt-to-equity ratio of 0.09. The firm has a market cap of $25.57 billion, a PE ratio of 21.50, a PEG ratio of 1.68 and a beta of 0.48.
A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. boosted its stake in shares of Wipro by 214.7% in the third quarter. JPMorgan Chase & Co. now owns 315,280 shares of the information technology services provider’s stock worth $1,643,000 after acquiring an additional 215,109 shares during the period. First Command Financial Services Inc. bought a new position in shares of Wipro in the fourth quarter worth about $28,000. Banco de Sabadell S.A bought a new position in shares of Wipro in the third quarter worth about $490,000. Federated Investors Inc. PA bought a new position in shares of Wipro in the third quarter worth about $304,000. Finally, Eagle Asset Management Inc. bought a new position in shares of Wipro in the fourth quarter worth about $228,000. 1.61% of the stock is owned by institutional investors and hedge funds.
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Wipro Company Profile (NYSE:WIT)
Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.
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