Wipro Limited (NYSE:WIT) Receives Average Rating of 'Hold' from Analysts

Wipro Limited (NYSE:WIT) has recently been assigned an average rating of "Hold" by six brokerages that are currently analyzing the company. According to reports from MarketBeat.com, the ratings include three "sell" ratings, one "hold" rating, one "buy" rating, and one "strong buy" rating. The average twelve-month price target set by these brokerage firms stands at $5.60.

Recent research notes have reflected varying opinions on Wipro's stock performance. On October 3rd, Investec downgraded Wipro from a "hold" rating to a "sell" rating. In contrast, StockNews.com upgraded Wipro from a "hold" to a "buy" rating in a report on December 12th. Additionally, HSBC raised its rating from "reduce" to "hold" on December 9th, indicating a more positive outlook.

Institutional Trading Dynamics

Wipro has witnessed some activity from institutional investors recently. Bank of New York Mellon Corp increased its stake in the company by 16.7% during the second quarter, now holding 14,686 shares valued at approximately $90,000. Migdal Insurance & Financial Holdings Ltd. entered a new position in Wipro, with investments worth about $2.6 million.

Wealthstream Advisors Inc. also expanded its investment, growing its holdings by 20.5% during the same quarter. The firm now owns 28,144 shares worth roughly $172,000. Other noteworthy investors include Banque Cantonale Vaudoise and Van ECK Associates Corp, which increased their stakes significantly, with Van ECK ramping up its share ownership by 38.8% in the second quarter.

Wipro's Current Market Position

As of Tuesday, Wipro's stock opened at $3.62, showing a decrease of 0.8%. The company exhibits strong financial indicators, such as a debt-to-equity ratio of 0.08, a quick ratio of 2.69, and a current ratio also at 2.69. Wipro’s market capitalization is approximately $37.83 billion, with a price-to-earnings ratio of 26.81 and a price-to-earnings growth ratio of 4.92.

Wipro's stock has fluctuated between a 52-week low of $2.55 and a high of $3.75. The company reported its earnings on October 17th, revealing a quarterly earnings per share (EPS) of $0.07, matching analysts' consensus expectations. It achieved revenue of $2.66 billion, also aligning with analyst forecasts. Research analysts predict an EPS of 0.14 for the current fiscal year.

About Wipro Limited

Wipro Limited functions as a global company providing information technology (IT), consulting, and business process services. It operates mainly through two segments: IT Services and IT Products. The IT Services segment includes a wide range of offerings such as digital strategy consulting, custom application design, infrastructure management, and business process solutions.

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