WPP (NYSE:WPP) Shares Gap Down - What's Next?

Shares of WPP PLC (NYSE:WPP - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $35.82, but opened at $29.93. WPP shares last traded at $29.92, with a volume of 594,365 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WPP. Barclays lowered WPP from an "equal weight" rating to an "underweight" rating in a report on Wednesday, June 25th. The Goldman Sachs Group assumed coverage on shares of WPP in a research report on Wednesday, March 26th. They set a "neutral" rating for the company. Finally, Wall Street Zen lowered shares of WPP from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold".

WPP Stock Down 17.9%

The firm has a market capitalization of $6.34 billion, a PE ratio of 4.92 and a beta of 1.00. The stock has a 50-day simple moving average of $37.97 and a 200-day simple moving average of $41.26. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.00.

Hedge Funds Weigh In On WPP

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hotchkis & Wiley Capital Management LLC boosted its holdings in WPP by 27.2% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 6,720,858 shares of the business services provider's stock worth $255,124,000 after buying an additional 1,436,668 shares during the period. Invesco Ltd. boosted its holdings in shares of WPP by 50.8% in the first quarter. Invesco Ltd. now owns 2,448,296 shares of the business services provider's stock worth $92,937,000 after acquiring an additional 824,336 shares during the period. Raymond James Financial Inc. bought a new position in shares of WPP in the fourth quarter worth $8,724,000. Northern Trust Corp grew its position in shares of WPP by 83.5% in the fourth quarter. Northern Trust Corp now owns 253,640 shares of the business services provider's stock valued at $13,037,000 after purchasing an additional 115,416 shares in the last quarter. Finally, Optiver Holding B.V. raised its stake in shares of WPP by 104.6% during the 4th quarter. Optiver Holding B.V. now owns 141,488 shares of the business services provider's stock valued at $7,272,000 after purchasing an additional 72,342 shares during the period. Institutional investors own 4.34% of the company's stock.

WPP Company Profile

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.