WPP (NYSE:WPP) Shares Gap Up – Here’s What Happened

Wpp Plc (NYSE:WPP)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $17.15, but opened at $17.88. WPP shares last traded at $17.87, with a volume of 212,716 shares traded.

Analysts Set New Price Targets

Several research analysts have issued reports on WPP shares. Wall Street Zen cut shares of WPP from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Weiss Ratings reissued a “sell (d+)” rating on shares of WPP in a research report on Wednesday, January 21st. Citigroup started coverage on WPP in a research report on Monday, January 12th. They issued a “neutral” rating on the stock. Zacks Research upgraded WPP from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Barclays upgraded WPP from an “underweight” rating to an “equal weight” rating in a research note on Friday, February 27th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold”.

WPP Price Performance

The company’s 50-day simple moving average is $20.33 and its two-hundred day simple moving average is $22.05.

Hedge Funds Weigh In On WPP

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP increased its position in WPP by 38.9% in the third quarter. Allworth Financial LP now owns 1,852 shares of the business services provider’s stock worth $46,000 after buying an additional 519 shares in the last quarter. Blue Trust Inc. grew its stake in shares of WPP by 30.3% during the 3rd quarter. Blue Trust Inc. now owns 2,592 shares of the business services provider’s stock valued at $65,000 after acquiring an additional 602 shares during the period. Cetera Investment Advisers increased its holdings in WPP by 9.2% in the 2nd quarter. Cetera Investment Advisers now owns 7,766 shares of the business services provider’s stock worth $272,000 after acquiring an additional 654 shares in the last quarter. Rothschild Investment LLC raised its stake in WPP by 47.7% during the 3rd quarter. Rothschild Investment LLC now owns 2,038 shares of the business services provider’s stock worth $51,000 after acquiring an additional 658 shares during the period. Finally, Osaic Holdings Inc. lifted its holdings in WPP by 105.8% during the second quarter. Osaic Holdings Inc. now owns 1,395 shares of the business services provider’s stock valued at $49,000 after purchasing an additional 717 shares in the last quarter. 4.34% of the stock is currently owned by hedge funds and other institutional investors.

WPP Company Profile

WPP plc (NYSE: WPP) is a British multinational advertising and public relations company headquartered in London, England. Recognized as one of the world’s largest communications services groups, WPP provides a wide array of marketing, advertising, media investment management and data consultancy services. Through its integrated network of agencies—among them Ogilvy, Grey, GroupM and Wavemaker—the company delivers creative content, brand strategy, digital transformation and media planning solutions to clients across virtually every industry.

Established in 1971 by Martin Sorrell as Wire and Plastic Products, the firm underwent a strategic transformation in the 1980s, focusing on acquisitions that expanded its capabilities into advertising and communications.