WPP (NYSE:WPP) Shares Gap Up – Time to Buy?

Wpp Plc (NYSE:WPP)’s share price 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

WPP has been the topic of several recent research reports. The Goldman Sachs Group began coverage on shares of WPP in a report on Wednesday, June 3rd. They issued a “sell” rating on the stock. Berenberg Bank began coverage on WPP in a research note on Tuesday, June 9th. They set a “buy” rating for the company. Weiss Ratings restated a “sell (d)” rating on shares of WPP in a research note on Tuesday, June 16th. Rothschild & Co Redburn initiated coverage on WPP in a report on Thursday, May 28th. They set a “buy” rating on the stock. Finally, Citigroup reiterated a “neutral” rating on shares of WPP in a research report on Thursday, April 30th. Two 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold”.

WPP Stock Performance

The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.48. The stock’s 50 day moving average is $17.94 and its two-hundred day moving average is $18.40.

Institutional Investors Weigh In On WPP

A number of large investors have recently modified their holdings of WPP. Caitong International Asset Management Co. Ltd acquired a new position in WPP during the third quarter worth about $28,000. GAMMA Investing LLC raised its holdings in WPP by 185.0% in the 4th quarter. GAMMA Investing LLC now owns 1,254 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 814 shares during the last quarter. Osaic Holdings Inc. lifted its stake in WPP by 105.8% in 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 in the last quarter. Global Retirement Partners LLC boosted its holdings in shares of 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 last quarter. Finally, Allworth Financial LP boosted its holdings in shares of WPP by 38.9% during the 3rd quarter. Allworth Financial LP now owns 1,852 shares of the business services provider’s stock worth $46,000 after purchasing an additional 519 shares during the last quarter. Hedge funds and other institutional investors own 4.34% of the company’s stock.

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.