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 trading hands.

Analyst Ratings Changes

WIT has been the subject of a number of recent analyst reports. HSBC raised Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. StockNews.com raised Wipro from a “hold” rating to a “buy” rating in a report on Monday, January 20th. Finally, UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a research note on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

Wipro Price Performance

The company has a 50 day moving average price of $3.45 and a 200 day moving average price of $5.07. The company has a market capitalization of $31.53 billion, a price-to-earnings ratio of 20.79, a PEG ratio of 3.08 and a beta of 0.94. The company has a current ratio of 2.83, a quick ratio of 2.83 and a debt-to-equity ratio of 0.07.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC boosted its position in shares of Wipro by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 3,557 shares during the last quarter. Bell Investment Advisors Inc boosted its position in shares of Wipro by 100.0% in the 4th quarter. Bell Investment Advisors Inc now owns 7,262 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 3,631 shares during the last quarter. Sierra Ocean LLC bought a new position in Wipro during the fourth quarter worth about $29,000. Farther Finance Advisors LLC lifted its holdings in Wipro by 148.3% during the fourth quarter. Farther Finance Advisors LLC now owns 8,123 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 4,851 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC bought a new position in Wipro during the fourth quarter worth about $35,000. 2.36% of the stock is currently owned by institutional investors.

Wipro Company Profile

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.