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

Wpp Plc (NYSE:WPP)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $20.61, but opened at $18.95. WPP shares last traded at $18.7780, with a volume of 106,322 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on WPP shares. Weiss Ratings reissued a “sell (d+)” rating on shares of WPP in a research note on Wednesday, January 21st. Citigroup initiated coverage on shares of WPP in a research report on Monday, January 12th. They set a “neutral” rating on the stock. Zacks Research upgraded shares of WPP from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded shares of WPP from a “sell” rating to a “hold” rating in a research report on Saturday. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce”.

WPP Stock Performance

The business has a 50 day moving average of $21.49 and a 200 day moving average of $23.37.

Institutional Trading of WPP

Institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC grew its position in WPP by 49.0% during the first quarter. Jane Street Group LLC now owns 66,463 shares of the business services provider’s stock valued at $2,523,000 after acquiring an additional 21,866 shares during the period. QRG Capital Management Inc. purchased a new stake in WPP during the second quarter worth approximately $378,000. Abel Hall LLC purchased a new stake in WPP during the 2nd quarter worth $413,000. US Bancorp DE increased its holdings in WPP by 27.0% in the 2nd quarter. US Bancorp DE now owns 16,735 shares of the business services provider’s stock valued at $586,000 after purchasing an additional 3,560 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in WPP by 41.9% in the 2nd quarter. Blue Trust Inc. now owns 1,990 shares of the business services provider’s stock valued at $70,000 after purchasing an additional 588 shares in the last quarter. 4.34% of the stock is currently owned by institutional investors and hedge funds.

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.