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

Wpp Plc (NYSE:WPP) gapped up before the market opened on Thursday . The stock had previously closed at $18.66, but opened at $19.53. WPP shares last traded at $19.3740, with a volume of 90,107 shares.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Rothschild & Co Redburn began coverage on shares of WPP in a report on Thursday, May 28th. They issued a “buy” rating for the company. Berenberg Bank began coverage on shares of WPP in a research note on Tuesday, June 9th. They set a “buy” rating on the stock. Citigroup reiterated a “neutral” rating on shares of WPP in a report on Thursday, April 30th. Weiss Ratings restated a “sell (d)” rating on shares of WPP in a report on Tuesday, June 16th. Finally, The Goldman Sachs Group initiated coverage on shares of WPP in a research report on Wednesday, June 3rd. They set a “sell” rating on the stock. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, WPP has an average rating of “Hold”.

WPP Trading Up 4.3%

The company has a fifty day moving average of $17.94 and a 200-day moving average of $18.40. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.48.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WPP. Caitong International Asset Management Co. Ltd acquired a new stake in shares of WPP in the third quarter valued at $28,000. GAMMA Investing LLC grew its stake in WPP by 185.0% during the 4th quarter. GAMMA Investing LLC now owns 1,254 shares of the business services provider’s stock worth $28,000 after purchasing an additional 814 shares in the last quarter. Osaic Holdings Inc. increased its holdings in WPP by 105.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,395 shares of the business services provider’s stock worth $49,000 after purchasing an additional 717 shares during the period. Global Retirement Partners LLC increased its holdings in WPP by 1,279.5% during the 4th quarter. Global Retirement Partners LLC now owns 1,821 shares of the business services provider’s stock worth $41,000 after purchasing an additional 1,689 shares during the period. Finally, Allworth Financial LP raised its position in WPP by 38.9% in the 3rd quarter. Allworth Financial LP now owns 1,852 shares of the business services provider’s stock valued at $46,000 after purchasing an additional 519 shares in the last quarter. Institutional investors and hedge funds own 4.34% of the company’s stock.

About WPP

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.