WidePoint (NYSEAMERICAN:WYY) Rating Lowered to “Strong Sell” at Zacks Research

WidePoint (NYSEAMERICAN:WYY) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

Separately, HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of WidePoint in a report on Monday. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, WidePoint has an average rating of “Moderate Buy” and an average price target of $8.67.

WidePoint Price Performance

Shares of WYY stock opened at $4.99 on Monday. The company has a market capitalization of $49.25 million, a P/E ratio of -17.21 and a beta of 1.46. The company’s 50-day simple moving average is $5.27 and its two-hundred day simple moving average is $5.83. WidePoint has a one year low of $2.19 and a one year high of $7.55.

Institutional Trading of WidePoint

A number of hedge funds have recently bought and sold shares of the stock. Ritholtz Wealth Management bought a new stake in WidePoint during the 4th quarter valued at $79,000. XTX Topco Ltd purchased a new position in shares of WidePoint in the 2nd quarter valued at $58,000. NewEdge Advisors LLC bought a new position in shares of WidePoint in the 2nd quarter worth $74,000. Jane Street Group LLC bought a new position in shares of WidePoint in the 2nd quarter worth $87,000. Finally, State Street Corp lifted its stake in shares of WidePoint by 9.7% during the 4th quarter. State Street Corp now owns 27,153 shares of the technology company’s stock worth $146,000 after purchasing an additional 2,400 shares during the last quarter. Hedge funds and other institutional investors 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.