WPP (NYSE:WPP) Shares Gap Up - Time to Buy?

Key Points

• WPP shares surged: The stock opened at $25.94 after previously closing at $20.61 and last traded near $25.52 on volume of 515,975 shares.
• Analyst sentiment remains mixed: WPP has received two Buy, three Hold, and two Sell ratings, resulting in an overall “Hold” consensus from MarketBeat.
• Quarterly results were mixed: WPP reported $0.50 in earnings per share, below the $0.80 consensus estimate, but revenue of $4.22 billion exceeded expectations of $3.23 billion. Institutional investors own 4.34% of the company.

Wpp Plc (NYSE:WPP - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $20.61, but opened at $25.94. WPP shares last traded at $25.5150, with a volume of 515,975 shares.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WPP shares. Citigroup restated a "neutral" rating on shares of WPP in a research report on Thursday, April 30th. Berenberg Bank began coverage on shares of WPP in a research note on Tuesday, June 9th. They set a "buy" rating on the stock. The Goldman Sachs Group initiated coverage on shares of WPP in a report on Wednesday, June 3rd. They issued a "sell" rating on the stock. Weiss Ratings restated a "sell (d)" rating on shares of WPP in a research note on Tuesday, June 16th. Finally, Rothschild & Co Redburn initiated coverage on WPP in a report on Thursday, May 28th. They set a "buy" rating for the company. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, WPP presently has an average rating of "Hold".

WPP Price Performance

The stock's 50-day moving average is $18.38 and its 200-day moving average is $18.10. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.89 and a quick ratio of 0.89.

WPP (NYSE:WPP - Get Free Report) last released its earnings results on Thursday, August 6th. The business services provider reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The business had revenue of $4.22 billion for the quarter, compared to analysts' expectations of $3.23 billion. Equities research analysts expect that Wpp Plc will post 3.78 EPS for the current fiscal year.

Institutional Investors Weigh In On WPP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legacy Wealth Asset Management LLC lifted its position in WPP by 6.4% in the second quarter. Legacy Wealth Asset Management LLC now owns 18,988 shares of the business services provider's stock worth $294,000 after purchasing an additional 1,146 shares during the period. Renaissance Technologies LLC bought a new position in WPP during the 1st quarter valued at $1,619,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of WPP during the 1st quarter valued at $609,000. Sei Investments Co. increased its position in shares of WPP by 115.7% during the 1st quarter. Sei Investments Co. now owns 48,528 shares of the business services provider's stock valued at $755,000 after purchasing an additional 26,031 shares during the period. Finally, NewEdge Wealth LLC raised its stake in shares of WPP by 68.8% in the 1st quarter. NewEdge Wealth LLC now owns 26,640 shares of the business services provider's stock worth $414,000 after buying an additional 10,862 shares in the last quarter. 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.

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