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

WPP plc (NYSE:WPP) shares gapped down before the market opened on Monday . The stock had previously closed at $37.78, but opened at $37.00. WPP shares last traded at $37.08, with a volume of 82,801 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WPP. The Goldman Sachs Group began coverage on WPP in a research report on Wednesday, March 26th. They set a “neutral” rating for the company. Wall Street Zen downgraded WPP from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Finally, Barclays downgraded WPP from an “overweight” rating to an “equal weight” rating in a research note on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy”.

WPP Trading Down 2.4%

The business has a fifty day moving average of $37.83 and a 200-day moving average of $44.03. The firm has a market cap of $7.96 billion, a PE ratio of 6.18, a PEG ratio of 7.06 and a beta of 1.05.

Institutional Trading of WPP

A number of institutional investors have recently added to or reduced their stakes in the stock. Gilman Hill Asset Management LLC increased its stake in WPP by 15.2% in the 1st quarter. Gilman Hill Asset Management LLC now owns 93,542 shares of the business services provider’s stock worth $3,551,000 after acquiring an additional 12,330 shares during the last quarter. Invesco Ltd. grew its position in shares of WPP by 11.9% in the 4th quarter. Invesco Ltd. now owns 1,623,960 shares of the business services provider’s stock worth $83,472,000 after buying an additional 172,212 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of WPP in the 4th quarter worth approximately $2,292,000. Raymond James Financial Inc. bought a new stake in shares of WPP in the 4th quarter worth approximately $8,724,000. Finally, QRG Capital Management Inc. bought a new stake in shares of WPP during the fourth quarter valued at approximately $202,000. Hedge funds and other institutional investors own 4.34% of the company’s stock.

About WPP

WPP plc, a creative transformation company, provides communications, experience, commerce, and technology services in North America, the United Kingdom, Western Continental Europe, the Asia Pacific, Latin America, Africa, the Middle East, and Central and Eastern Europe. The company operates through three segments: Global Integrated Agencies, Public Relations, and Specialist Agencies.