Wipro (NYSE:WIT) Hits New 12-Month High - Here's Why

Wipro Limited (NYSE:WIT - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The stock traded as high as $3.75 and last traded at $3.73, with a volume of 756099 shares. The stock had previously closed at $3.70.

Analyst Ratings Changes

Several analysts recently issued reports on WIT shares. HSBC upgraded shares of Wipro from a "reduce" rating to a "hold" rating in a research report on Monday, December 9th. StockNews.com raised shares of Wipro from a "hold" rating to a "buy" rating in a research report on Thursday, December 12th. Finally, Investec cut Wipro from a "hold" rating to a "sell" rating in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $5.60.

Wipro Price Performance

The firm has a market cap of $37.94 billion, a PE ratio of 26.89, a P/E/G ratio of 4.92 and a beta of 0.92. The firm's fifty day simple moving average is $6.40 and its two-hundred day simple moving average is $6.24. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT - Get Free Report) last released its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting analysts' consensus estimates of $0.07. The company had revenue of $2.66 billion for the quarter, compared to analysts' expectations of $2.66 billion. Wipro had a net margin of 13.23% and a return on equity of 14.98%. As a group, research analysts expect that Wipro Limited will post 0.14 EPS for the current year.

Institutional Trading of Wipro

Several institutional investors have recently made changes to their positions in WIT. GAMMA Investing LLC boosted its stake in Wipro by 37.8% in the 3rd quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider's stock worth $57,000 after purchasing an additional 2,426 shares during the period. Mayflower Financial Advisors LLC purchased a new position in shares of Wipro in the second quarter worth $64,000. Abacus Wealth Partners LLC bought a new position in shares of Wipro during the third quarter worth $71,000. Werba Rubin Papier Wealth Management purchased a new position in Wipro during the third quarter valued at $71,000. Finally, Catalytic Wealth RIA LLC bought a new stake in Wipro in the 3rd quarter valued at $81,000. Hedge funds and other institutional investors 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.