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

Shares of Wpp Plc (NYSE:WPP) gapped up before the market opened 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 trading hands.

Analyst Upgrades and Downgrades

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

WPP Trading Up 5.0%

The firm has a 50-day simple moving average of $20.33 and a 200 day simple moving average of $22.05.

Institutional Investors Weigh In On WPP

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Mondrian Investment Partners LTD purchased a new position in shares of WPP during the third quarter valued at approximately $79,947,000. Bank of Montreal Can raised its stake in WPP by 385.3% during the fourth quarter. Bank of Montreal Can now owns 451,182 shares of the business services provider’s stock valued at $10,134,000 after buying an additional 358,218 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in WPP by 1,082.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 254,389 shares of the business services provider’s stock worth $5,714,000 after acquiring an additional 232,878 shares in the last quarter. ABC Arbitrage SA bought a new stake in WPP in the fourth quarter worth $5,199,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of WPP by 3,840.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 136,135 shares of the business services provider’s stock worth $3,058,000 after acquiring an additional 132,680 shares during the last quarter. Hedge funds and other institutional investors 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.