WidePoint Corporation (NYSEAMERICAN:WYY) Sees Significant Growth in Short Interest

WidePoint Corporation (NYSEAMERICAN:WYY) was the recipient of a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 170,975 shares, a growth of 119.5% from the May 14th total of 77,894 shares. Approximately 2.1% of the company’s shares are short sold. Based on an average daily trading volume, of 171,916 shares, the days-to-cover ratio is presently 1.0 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on WYY. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of WidePoint in a research note on Monday, March 30th. Zacks Research raised WidePoint from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 28th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, WidePoint currently has an average rating of “Moderate Buy” and a consensus target price of $8.67.

WidePoint Stock Down 2.9%

WYY stock opened at $11.91 on Friday. The stock’s 50 day simple moving average is $8.11 and its 200 day simple moving average is $6.57. WidePoint has a fifty-two week low of $2.80 and a fifty-two week high of $13.08. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $117.79 million, a P/E ratio of -59.55 and a beta of 1.81.

WidePoint (NYSEAMERICAN:WYY) last posted its quarterly earnings results on Thursday, May 14th. The technology company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.13. WidePoint had a negative return on equity of 16.24% and a negative net margin of 1.24%.The business had revenue of $40.58 million for the quarter, compared to the consensus estimate of $37.87 million. On average, research analysts expect that WidePoint will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other WidePoint news, CFO Robert J. George sold 10,000 shares of WidePoint stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $10.59, for a total transaction of $105,900.00. Following the transaction, the chief financial officer directly owned 54,493 shares of the company’s stock, valued at approximately $577,080.87. The trade was a 15.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 16.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Potomac Capital Management Inc. acquired a new position in WidePoint during the 4th quarter worth approximately $1,051,000. XTX Topco Ltd acquired a new position in WidePoint during the 2nd quarter worth approximately $58,000. NewEdge Advisors LLC acquired a new position in WidePoint during the 2nd quarter worth approximately $74,000. Jane Street Group LLC acquired a new position in WidePoint during the 2nd quarter worth approximately $87,000. Finally, Geode Capital Management LLC raised its stake in WidePoint by 4.5% during the 4th quarter. Geode Capital Management LLC now owns 85,777 shares of the technology company’s stock worth $461,000 after buying an additional 3,675 shares during the period. 22.60% of the stock is owned by institutional investors and hedge funds.

WidePoint Company Profile

WidePoint Corporation (NYSE American: WYY) is a provider of secure mobility management and identity management solutions. Headquartered in Reston, Virginia, the company delivers a range of managed services designed to help organizations control and secure their telecommunications and IT environments. Since its inception in the late 1990s, WidePoint has focused on helping businesses and government agencies optimize their mobile device portfolios and ensure regulatory compliance.

WidePoint’s core offerings include mobile device management, telecom expense management, and unified endpoint security.