WidePoint (NYSEAMERICAN:WYY) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of WidePoint (NYSEAMERICAN:WYY) from a hold rating to a strong-buy rating in a research note published on Wednesday,Zacks.com reports.

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

WidePoint Stock Performance

Shares of NYSEAMERICAN:WYY opened at $15.92 on Wednesday. The firm’s 50 day simple moving average is $11.02 and its 200-day simple moving average is $7.44. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.04 and a current ratio of 1.04. WidePoint has a one year low of $2.80 and a one year high of $24.30. The firm has a market cap of $157.45 million, a PE ratio of -79.60 and a beta of 1.71.

WidePoint (NYSEAMERICAN:WYY) last announced its quarterly earnings results on Thursday, May 14th. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $40.58 million during the quarter, compared to analyst estimates of $37.87 million. As a group, equities analysts predict that WidePoint will post 0.04 EPS for the current year.

Insider Activity at WidePoint

In other WidePoint news, COO Todd Dzyak sold 10,000 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $24.00, for a total transaction of $240,000.00. Following the completion of the sale, the chief operating officer owned 115,436 shares in the company, valued at $2,770,464. This represents a 7.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert J. George sold 16,882 shares of the stock in a transaction on Monday, June 29th. The shares were 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. This trade represents a 45.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 62,745 shares of company stock valued at $1,056,944 in the last ninety days. Corporate insiders own 16.10% of the company’s stock.

Institutional Investors Weigh In On WidePoint

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its position in WidePoint by 19,130.8% during the first quarter. Royal Bank of Canada now owns 5,000 shares of the technology company’s stock valued at $25,000 after purchasing an additional 4,974 shares in the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of WidePoint during the first quarter valued at about $50,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of WidePoint in the 1st quarter valued at about $87,000. NewEdge Advisors LLC boosted its holdings in shares of WidePoint by 194.5% in the 4th quarter. NewEdge Advisors LLC now owns 46,028 shares of the technology company’s stock valued at $247,000 after buying an additional 30,397 shares in the last quarter. Finally, State Street Corp grew its position in shares of WidePoint by 9.7% in the 4th quarter. State Street Corp now owns 27,153 shares of the technology company’s stock worth $146,000 after buying an additional 2,400 shares during the last quarter. 22.60% of the stock is currently owned by hedge funds and other institutional investors.

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.