Wipro (NYSE:WIT) Stock Price Up 4.4%

Wipro Limited (NYSE:WIT)’s stock price rose 4.4% during trading on Monday . The stock traded as high as $5.48 and last traded at $5.48. Approximately 1,296,362 shares changed hands 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.

Analyst Upgrades and Downgrades

WIT has been the topic of several research reports. TheStreet upgraded shares of Wipro from a “c+” rating to a “b-” rating in a report on Friday, January 12th. StockNews.com downgraded shares of Wipro from a “buy” rating to a “hold” rating in a report on Wednesday. Wedbush upped their price objective on shares of Wipro from $4.00 to $6.00 and gave the company an “underperform” rating in a report on Tuesday, January 16th. Finally, BNP Paribas began 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 research analysts have rated the stock with a sell rating and one has issued a hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $5.05.

Wipro Price Performance

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 company’s 50 day moving average is $5.89 and its 200 day moving average is $5.41. The firm has a market capitalization of $28.75 billion, a price-to-earnings ratio of 22.04, a P/E/G ratio of 2.19 and a beta of 0.87.

Hedge Funds Weigh In On Wipro

Several institutional investors and hedge funds have recently modified their holdings of WIT. Vanguard Group Inc. lifted its position in Wipro by 4.6% during the third quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock worth $60,368,000 after purchasing an additional 553,433 shares during the period. Acadian Asset Management LLC lifted its position in Wipro by 50.1% during the third quarter. Acadian Asset Management LLC now owns 6,786,259 shares of the information technology services provider’s stock worth $32,837,000 after purchasing an additional 2,265,859 shares during the period. BNP Paribas Financial Markets lifted its position in Wipro by 112.7% during the fourth quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock worth $20,734,000 after purchasing an additional 1,972,425 shares during the period. Fisher Asset Management LLC lifted its position in Wipro by 3.8% during the fourth quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock worth $12,884,000 after purchasing an additional 84,519 shares during the period. Finally, Rhumbline Advisers lifted its position in Wipro by 4.7% during the third quarter. Rhumbline Advisers now owns 1,930,460 shares of the information technology services provider’s stock worth $9,343,000 after purchasing an additional 86,226 shares during the period. 2.36% of the stock is currently owned by institutional investors and hedge funds.

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.