Wipro (NYSE:WIT) Sees Large Volume Increase – Should You Buy?

Shares of Wipro Limited (NYSE:WIT) saw unusually-strong trading volume on Friday . Approximately 18,342,109 shares traded hands during trading, an increase of 175% from the previous session’s volume of 6,679,082 shares.The stock last traded at $3.0350 and had previously closed at $2.86.

Analyst Ratings Changes

Several equities research analysts have commented on WIT shares. CLSA downgraded Wipro from an “outperform” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wipro in a research report on Thursday, October 30th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Wipro Stock Performance

The stock has a fifty day simple moving average of $2.71 and a 200 day simple moving average of $2.80. The firm has a market cap of $32.10 billion, a P/E ratio of 20.43, a price-to-earnings-growth ratio of 17.25 and a beta of 1.05.

Institutional Trading of Wipro

Large investors have recently made changes to their positions in the stock. Allworth Financial LP lifted its position in Wipro by 33.3% during the third quarter. Allworth Financial LP now owns 23,960 shares of the information technology services provider’s stock valued at $63,000 after purchasing an additional 5,984 shares during the period. First Affirmative Financial Network raised its stake in Wipro by 29.7% during the 3rd quarter. First Affirmative Financial Network now owns 35,790 shares of the information technology services provider’s stock valued at $94,000 after buying an additional 8,185 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Wipro by 117.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 215,671 shares of the information technology services provider’s stock valued at $567,000 after buying an additional 116,554 shares during the last quarter. XTX Topco Ltd lifted its holdings in shares of Wipro by 233.8% during the 3rd quarter. XTX Topco Ltd now owns 362,266 shares of the information technology services provider’s stock valued at $953,000 after buying an additional 253,722 shares during the period. Finally, Voleon Capital Management LP purchased a new position in shares of Wipro in the 3rd quarter worth $563,000. 2.36% of the stock is currently owned by institutional investors.

Wipro Company Profile

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.