Wipro Limited (NYSE:WIT) Given Average Rating of “Reduce” by Brokerages

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

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

Hedge Funds Weigh In On Wipro

A number of large investors have recently made changes to their positions in the company. Invesco Ltd. lifted its holdings in Wipro by 58.7% during the 1st quarter. Invesco Ltd. now owns 531,769 shares of the information technology services provider’s stock worth $1,627,000 after purchasing an additional 196,746 shares during the last quarter. American Century Companies Inc. increased its position in Wipro by 6.7% during the 1st quarter. American Century Companies Inc. now owns 1,930,631 shares of the information technology services provider’s stock worth $5,908,000 after buying an additional 120,750 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of Wipro by 64.8% during the first quarter. Cresset Asset Management LLC now owns 50,717 shares of the information technology services provider’s stock worth $155,000 after buying an additional 19,937 shares in the last quarter. Northern Trust Corp boosted its position in shares of Wipro by 115.3% in the first quarter. Northern Trust Corp now owns 5,766,763 shares of the information technology services provider’s stock valued at $17,646,000 after acquiring an additional 3,087,697 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Wipro in the first quarter valued at about $979,000. Institutional investors own 2.36% of the company’s stock.

Wipro Stock Performance

Wipro stock opened at $3.07 on Wednesday. The stock has a 50-day simple moving average of $2.72 and a 200 day simple moving average of $2.80. The stock has a market capitalization of $32.10 billion, a P/E ratio of 20.43, a PEG ratio of 17.31 and a beta of 1.05. Wipro has a 52 week low of $2.55 and a 52 week high of $3.79.

About Wipro

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.