WPP (NYSE:WPP) Shares Gap Down to $46.80

WPP plc (NYSE:WPP)’s share price gapped down prior to trading on Friday . The stock had previously closed at $46.80, but opened at $45.71. WPP shares last traded at $45.84, with a volume of 10,349 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com lowered WPP from a “buy” rating to a “hold” rating in a report on Monday, May 20th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, WPP currently has an average rating of “Hold” and a consensus price target of $46.00.

WPP Trading Down 2.2 %

The firm’s 50-day moving average price is $50.45 and its two-hundred day moving average price is $48.37. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.98.

Hedge Funds Weigh In On WPP

Hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its holdings in shares of WPP by 27.4% during the third quarter. Envestnet Asset Management Inc. now owns 132,379 shares of the business services provider’s stock valued at $5,901,000 after acquiring an additional 28,439 shares during the period. FMR LLC lifted its holdings in WPP by 7.1% during the 3rd quarter. FMR LLC now owns 972,751 shares of the business services provider’s stock valued at $43,365,000 after purchasing an additional 64,087 shares during the last quarter. Mariner LLC boosted its position in WPP by 5.2% in the third quarter. Mariner LLC now owns 45,591 shares of the business services provider’s stock valued at $2,032,000 after buying an additional 2,261 shares in the last quarter. Natixis Advisors L.P. grew its stake in WPP by 0.4% during the third quarter. Natixis Advisors L.P. now owns 66,272 shares of the business services provider’s stock worth $2,955,000 after buying an additional 268 shares during the last quarter. Finally, Glenmede Trust Co. NA increased its holdings in shares of WPP by 0.6% during the third quarter. Glenmede Trust Co. NA now owns 55,701 shares of the business services provider’s stock worth $2,483,000 after buying an additional 332 shares in the last quarter. 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.