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

Wpp Plc (NYSE:WPP)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $17.46, but opened at $18.49. WPP shares last traded at $18.9010, with a volume of 105,271 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Berenberg Bank assumed coverage on shares of WPP in a research note on Tuesday. They set a “buy” rating for the company. 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. Citigroup reaffirmed a “neutral” rating on shares of WPP in a report on Thursday, April 30th. Rothschild & Co Redburn began coverage on shares of WPP in a report on Thursday, May 28th. They issued a “buy” rating on the stock. Finally, Barclays raised shares of WPP from an “underweight” rating to an “equal weight” rating in a report on Friday, February 27th. Three analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, WPP has a consensus rating of “Hold”.

WPP Stock Performance

The company’s fifty day simple moving average is $17.82 and its 200-day simple moving average is $18.98. 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 hedge funds and other institutional investors have recently made changes to their positions in WPP. Jane Street Group LLC raised its holdings in shares of WPP by 49.0% in the first quarter. Jane Street Group LLC now owns 66,463 shares of the business services provider’s stock worth $2,523,000 after buying an additional 21,866 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of WPP by 9.2% in the second quarter. Cetera Investment Advisers now owns 7,766 shares of the business services provider’s stock worth $272,000 after buying an additional 654 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of WPP by 58.3% in the second quarter. JPMorgan Chase & Co. now owns 6,397 shares of the business services provider’s stock worth $224,000 after buying an additional 2,355 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of WPP by 99.4% in the second quarter. Russell Investments Group Ltd. now owns 2,353 shares of the business services provider’s stock worth $82,000 after buying an additional 1,173 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of WPP in the second quarter worth $407,000. 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.