WidePoint Corporation (NYSEAMERICAN:WYY) Sees Large Drop in Short Interest

WidePoint Corporation (NYSEAMERICAN:WYY) was the recipient of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 230,684 shares, a decline of 44.5% from the September 30th total of 415,974 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average daily volume of 135,163 shares, the days-to-cover ratio is currently 1.7 days.

Hedge Funds Weigh In On WidePoint

Several hedge funds have recently bought and sold shares of WYY. Royal Bank of Canada increased its stake in WidePoint by 19,130.8% in the first quarter. Royal Bank of Canada now owns 5,000 shares of the technology company’s stock worth $25,000 after purchasing an additional 4,974 shares during the period. PNC Financial Services Group Inc. purchased a new stake in shares of WidePoint during the first quarter valued at $50,000. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of WidePoint during the first quarter valued at $87,000. Institutional investors own 22.60% of the company’s stock.

Analyst Ratings Changes

Separately, Zacks Research lowered WidePoint from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, WidePoint has a consensus rating of “Moderate Buy” and an average target price of $9.00.

WidePoint Price Performance

Shares of WYY stock traded down $0.03 during trading hours on Friday, reaching $7.69. 197,689 shares of the stock were exchanged, compared to its average volume of 129,838. WidePoint has a 12-month low of $3.96 and a 12-month high of $24.30. The company’s 50-day moving average price is $8.79 and its 200-day moving average price is $8.56.

WidePoint (NYSEAMERICAN:WYY) last announced its quarterly earnings data on Thursday, August 13th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.03). The firm had revenue of $38.00 million during the quarter, compared to the consensus estimate of $41.83 million. WidePoint had a negative return on equity of 10.74% and a negative net margin of 0.81%. Equities research analysts anticipate that WidePoint will post 0.05 earnings per share for the current year.

WidePoint Company Profile

WidePoint Corporation provides secure technology solutions for government agencies, regulated organizations and commercial enterprises. The company focuses on helping customers manage mobile communications, digital identities and cybersecurity requirements across distributed workforces and connected devices.

Its services include telecommunications expense management, managed mobility and wireless lifecycle management, identity assurance, credentialing, authentication and cybersecurity.