Wipro (NYSE:WIT) Hits New 12-Month High – Time to Buy?

Wipro Limited (NYSE:WIT) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $3.75 and last traded at $3.75, with a volume of 844501 shares trading hands. The stock had previously closed at $3.66.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on WIT. Investec cut Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research report on Monday. Finally, HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Wipro Stock Performance

The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average is $4.86 and its 200 day moving average is $5.84. The stock has a market capitalization of $39.03 billion, a price-to-earnings ratio of 25.76, a PEG ratio of 2.98 and a beta of 0.91.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Wipro had a return on equity of 15.71% and a net margin of 13.96%. On average, analysts predict that Wipro Limited will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

A number of institutional investors have recently modified their holdings of WIT. Ridgewood Investments LLC raised its stake in Wipro by 100.0% during the fourth 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 period. BOCHK Asset Management Ltd purchased a new position in shares of Wipro in the 4th quarter worth $42,000. PFG Investments LLC purchased a new stake in Wipro during the fourth quarter valued at about $43,000. Fulton Bank N.A. acquired a new stake in Wipro during the fourth quarter worth about $44,000. Finally, Fragasso Financial Advisors Inc purchased a new position in shares of Wipro in the 4th quarter worth about $47,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.