WPP (NYSE:WPP) Shares Gap Down - Here's What Happened

Key Points

• WPP shares gapped down premarket — the stock closed at $23.70, opened at $22.87 and last traded at $22.63 (volume 81,888), reflecting a roughly 6.9% decline.
• Analysts are mixed with an average rating of "Reduce": 1 Buy, 4 Hold and 2 Sell; recent notes include Weiss Ratings reissuing a Sell while Wall Street Zen and Zacks moved the stock toward Hold and Citi began coverage at Neutral.
• Institutional ownership is modest (about 4.34%), with several small recent purchases by firms such as GAMMA Investing, SBI Securities and Osaic Holdings, indicating limited inflows.

Wpp Plc (NYSE:WPP - Get Free Report)'s stock price gapped down prior to trading 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.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Weiss Ratings reissued a "sell (d+)" rating on shares of WPP in a research note on Wednesday, October 8th. Wall Street Zen raised WPP from a "sell" rating to a "hold" rating in a research note on Saturday. Zacks Research raised shares of WPP from a "strong sell" rating to a "hold" rating in a research note on Monday, December 29th. Finally, Citigroup began coverage on shares of WPP in a report on Monday. They set a "neutral" rating for the company. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, WPP has an average rating of "Reduce".

WPP Trading Down 6.9%

The company has a fifty day moving average price of $20.78 and a two-hundred day moving average price of $24.61.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in WPP. GAMMA Investing LLC raised its holdings in shares of WPP by 185.0% during the fourth quarter. GAMMA Investing LLC now owns 1,254 shares of the business services provider's stock worth $28,000 after acquiring an additional 814 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of WPP in the 3rd quarter valued at about $28,000. SBI Securities Co. Ltd. lifted its holdings in shares of WPP by 323.9% in the third quarter. SBI Securities Co. Ltd. now owns 1,454 shares of the business services provider's stock valued at $36,000 after purchasing an additional 1,111 shares in the last quarter. Allworth Financial LP boosted its position in shares of WPP by 38.9% during the third 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. Finally, Osaic Holdings Inc. grew its holdings in shares of WPP by 105.8% during the second quarter. Osaic Holdings Inc. now owns 1,395 shares of the business services provider's stock worth $49,000 after buying an additional 717 shares in the last quarter. Institutional investors and hedge funds own 4.34% of the company's stock.

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.

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