Drive Wealth Management LLC Sells 2,146 Shares of Wipro Limited (NYSE:WIT)

Drive Wealth Management LLC lowered its stake in Wipro Limited (NYSE:WIT) by 10.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 18,150 shares of the information technology services provider’s stock after selling 2,146 shares during the quarter. Drive Wealth Management LLC’s holdings in Wipro were worth $104,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. GAMMA Investing LLC increased its holdings in shares of Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after acquiring an additional 1,858 shares in the last quarter. AlphaQ Advisors LLC bought a new position in shares of Wipro during the 3rd quarter valued at approximately $48,000. Marks Group Wealth Management Inc bought a new position in shares of Wipro during the 3rd quarter valued at approximately $49,000. Keel Point LLC bought a new position in shares of Wipro during the 3rd quarter valued at approximately $54,000. Finally, Dorsey & Whitney Trust CO LLC bought a new position in shares of Wipro during the 3rd quarter valued at approximately $56,000. Institutional investors own 2.36% of the company’s stock.

Wipro Stock Performance

WIT stock traded up $0.02 during trading on Friday, hitting $5.46. The company had a trading volume of 3,097,535 shares, compared to its average volume of 3,939,560. The firm has a market cap of $28.49 billion, a PE ratio of 21.84, a price-to-earnings-growth ratio of 2.19 and a beta of 0.87. Wipro Limited has a 1-year low of $4.48 and a 1-year high of $6.45. The firm has a 50-day moving average price of $5.84 and a 200-day moving average price of $5.42. The company has a quick ratio of 2.28, a current ratio of 2.29 and a debt-to-equity ratio of 0.09.

Wall Street Analysts Forecast Growth

WIT has been the subject of a number of recent analyst reports. TheStreet upgraded Wipro from a “c+” rating to a “b-” rating in a report on Friday, January 12th. StockNews.com lowered Wipro from a “buy” rating to a “hold” rating in a research report on Wednesday. Wedbush increased their price objective on Wipro from $4.00 to $6.00 and gave the company an “underperform” rating in a report on Tuesday, January 16th. Finally, BNP Paribas began coverage on Wipro in a research note on Wednesday, January 17th. They issued an “underperform” rating and a $5.20 target price on the stock. Four analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. According to MarketBeat, Wipro presently has a consensus rating of “Reduce” and an average price target of $5.05.

Wipro Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.