The stock of WPP plc (NYSE:WPP) is now priced at $37.95 and the shares are 1.16 points up or 3.15% higher compared to its previous closing price of $36.79. The stock had 173456 contracts set over the past session. WPP shares’ daily volume is compared to its average trading volume at 294104 shares. However, it has a float of 238 million and although its performance was -2.37% over the week, it’s one to watch. Analysts have given the WPP stock a yearly average price target of $35 per share. It means the stock’s downside potential is -7.77% with the WPP share price recently placing at $37.08 to $38.01. However, some brokerage firms have priced the stock below the average, including one that has called $27.85.
The shorts are running away from the WPP plc stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the WPP shares have declined. Short interest in the stock represents just 0.21% of its float, but the volume has dropped by 0. The volume of shorted shares dropped to from shares over the last two weeks. The average intraday trading volume has been shares, which means that days to cover moved to roughly.
In the last trading session, WPP plc (NYSE:WPP) dropped by -$0.92 over the week and lost -$1.73 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $70.8. The stock recorded its established 52-week high on 12/30/19.
Since 03/19/20, the stock has traded to a low of $27.18 at 39.62%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.36. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, WPP plc’s two-week RSI is 48.67. This suggests that the stock is neutral at the moment and that WPP shares’ price movement remains stable. The stochastic readings are equally revealing at 29.64% meaning the WPP share price is currently in overbought territory.
The technical chart shows that the WPP stock will likely settle at between $38.28 and $38.61 per share. However, if the stock dips below $37.35, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $36.75.
Currently, the stock is trading in the red of MACD, with a reading of -0.66. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned WPP a rating of Underperform in their resuming review released on July 08. Bernstein analysts see the stock as a Underperform with a target price of $ in a flash note released to investors on July 08 initiating covering the stock. Goldman seeing the improvements upgraded the stock from Neutral to Buy on June 17.
The average rating for the WPP equity is 4 and is currently gathering a bearish momentum. Of 1 analysts tracking WPP plc polled by Reuters, 0 rated WPP as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the WPP stock price is 6.31X ahead of its 12-month Consensus earnings per share estimates.