Zacks Research Upgrades WidePoint (NYSEAMERICAN:WYY) to Strong-Buy

WidePoint (NYSEAMERICAN:WYY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $9.00 price target on shares of WidePoint in a research report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat, WidePoint has an average rating of “Buy” and an average price target of $8.67.

WidePoint Price Performance

Shares of WYY stock opened at $15.92 on Wednesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.32. WidePoint has a 12-month low of $2.80 and a 12-month high of $24.30. The firm has a fifty day moving average of $11.02 and a 200-day moving average of $7.44. The firm has a market capitalization of $157.45 million, a price-to-earnings ratio of -79.60 and a beta of 1.71.

WidePoint (NYSEAMERICAN:WYY) last issued its quarterly earnings data on Thursday, May 14th. The technology company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.13. The business had revenue of $40.58 million for the quarter, compared to the consensus estimate of $37.87 million. WidePoint had a negative return on equity of 16.24% and a negative net margin of 1.24%. On average, equities research analysts forecast that WidePoint will post 0.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Robert J. George sold 16,882 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $16.16, for a total value of $272,813.12. Following the sale, the chief financial officer directly owned 19,842 shares in the company, valued at $320,646.72. The trade was a 45.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Todd Dzyak sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $24.00, for a total value of $240,000.00. Following the transaction, the chief operating officer directly owned 115,436 shares of the company’s stock, valued at $2,770,464. This represents a 7.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 62,745 shares of company stock valued at $1,056,944. Company insiders own 16.10% of the company’s stock.

Institutional Investors Weigh In On WidePoint

A number of hedge funds and other institutional investors have recently bought and sold shares of WYY. Potomac Capital Management Inc. bought a new stake in WidePoint in the 4th quarter valued at approximately $1,051,000. Ritholtz Wealth Management bought a new position in shares of WidePoint during the 4th quarter worth approximately $79,000. Jane Street Group LLC grew its stake in shares of WidePoint by 98.6% during the 4th quarter. Jane Street Group LLC now owns 52,751 shares of the technology company’s stock worth $283,000 after acquiring an additional 26,193 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of WidePoint by 194.5% in the fourth quarter. NewEdge Advisors LLC now owns 46,028 shares of the technology company’s stock valued at $247,000 after purchasing an additional 30,397 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of WidePoint by 87.6% in the second quarter. Bridgeway Capital Management LLC now owns 60,527 shares of the technology company’s stock valued at $207,000 after purchasing an additional 28,269 shares during the last quarter. Institutional investors and hedge funds own 22.60% of the company’s stock.

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.