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

Wpp Plc (NYSE:WPP)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $23.70, but opened at $22.87. WPP shares last traded at $22.63, with a volume of 81,888 shares.

Analysts Set New Price Targets

A number of brokerages have recently commented on WPP. Weiss Ratings reissued a “sell (d+)” rating on shares of WPP in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of WPP from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Research raised WPP from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Citigroup began coverage on WPP in a report on Monday. They set a “neutral” rating on the stock. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, WPP currently has an average rating of “Reduce”.

WPP Price Performance

The firm has a 50 day simple moving average of $20.78 and a 200-day simple moving average of $24.61.

Hedge Funds Weigh In On WPP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WPP. Legacy Wealth Asset Management LLC increased its holdings in shares of WPP by 4.1% in the second quarter. Legacy Wealth Asset Management LLC now owns 10,660 shares of the business services provider’s stock valued at $373,000 after purchasing an additional 420 shares during the last quarter. 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 buying an additional 519 shares during the period. Hantz Financial Services Inc. grew its stake in WPP by 1.3% in the 2nd quarter. Hantz Financial Services Inc. now owns 41,521 shares of the business services provider’s stock valued at $1,454,000 after buying an additional 553 shares during the last quarter. Blue Trust Inc. grew its stake 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 buying an additional 588 shares during the last quarter. Finally, Cetera Investment Advisers raised 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 valued at $272,000 after acquiring an additional 654 shares during the period. 4.34% of the stock is owned by institutional investors.

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.