Wipro (NYSE:WIT) Lowered to “Sell” at Investec

Investec downgraded shares of Wipro (NYSE:WIT) from a hold rating to a sell rating in a research note published on Thursday, MarketBeat.com reports.

Other analysts have also issued research reports about the company. Nomura started coverage on Wipro in a report on Tuesday, July 2nd. They set a buy rating for the company. Nomura Securities upgraded Wipro to a strong-buy rating in a report on Tuesday, July 2nd. Finally, StockNews.com upgraded Wipro from a hold rating to a buy rating in a report on Friday, September 27th. Three equities research analysts have rated the stock with a sell rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $5.60.

Wipro Stock Up 0.9 %

Shares of NYSE:WIT opened at $6.44 on Thursday. Wipro has a 52-week low of $4.48 and a 52-week high of $7.01. The stock has a market cap of $33.61 billion, a P/E ratio of 25.76, a price-to-earnings-growth ratio of 4.43 and a beta of 0.90. The business’s 50 day moving average is $6.24 and its 200 day moving average is $5.90. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last posted its earnings results on Friday, July 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.65 billion. Wipro had a return on equity of 15.01% and a net margin of 12.57%. During the same quarter in the prior year, the business earned $0.06 earnings per share. Sell-side analysts predict that Wipro will post 0.27 EPS for the current year.

Institutional Trading of Wipro

Several hedge funds and other institutional investors have recently made changes to their positions in WIT. BNP Paribas Financial Markets lifted its holdings in shares of Wipro by 65.5% during the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock valued at $35,422,000 after purchasing an additional 2,437,802 shares during the last quarter. Millennium Management LLC increased its position in shares of Wipro by 67.6% in the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after acquiring an additional 2,267,995 shares during the period. Russell Investments Group Ltd. increased its position in shares of Wipro by 6,295.2% in the 1st quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider’s stock valued at $10,260,000 after acquiring an additional 1,771,854 shares during the period. Marshall Wace LLP acquired a new position in shares of Wipro in the 2nd quarter valued at $7,994,000. Finally, Jane Street Group LLC increased its position in shares of Wipro by 292.0% in the 1st quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock valued at $7,732,000 after acquiring an additional 1,001,644 shares during the period. Hedge funds and other 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.