Wipro (NYSE:WIT) Shares Gap Up – Still a Buy?

Shares of Wipro Limited (NYSE:WIT) gapped up before the market opened on Wednesday . The stock had previously closed at $3.00, but opened at $3.09. Wipro shares last traded at $3.10, with a volume of 149,499 shares.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on WIT shares. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. Finally, StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a research note on Monday, January 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Wipro Trading Down 1.8 %

The company has a debt-to-equity ratio of 0.07, a current ratio of 2.83 and a quick ratio of 2.83. The business has a 50-day moving average of $3.45 and a 200-day moving average of $5.07. The firm has a market cap of $31.53 billion, a price-to-earnings ratio of 20.79, a P/E/G ratio of 3.08 and a beta of 0.94.

Wipro (NYSE:WIT) last released its earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.46% and a net margin of 13.96%. Research analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Institutional Trading of Wipro

A number of hedge funds and other institutional investors have recently modified their holdings of WIT. Perigon Wealth Management LLC acquired a new position in Wipro during the fourth quarter worth approximately $61,000. Tobam acquired a new position in Wipro during the fourth quarter worth approximately $261,000. Van ECK Associates Corp increased its position in Wipro by 89.8% during the fourth quarter. Van ECK Associates Corp now owns 348,859 shares of the information technology services provider’s stock worth $1,235,000 after buying an additional 165,076 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Wipro by 93.2% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,589 shares of the information technology services provider’s stock worth $307,000 after buying an additional 41,766 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in Wipro during the third quarter worth approximately $610,000. Institutional investors and hedge funds 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.