Westpark Capital Reaffirms Buy Rating for WidePoint (NYSEAMERICAN:WYY)

Key Points

• Westpark Capital has reissued a buy rating for WidePoint (NYSEAMERICAN:WYY) with a price target of $9.00, suggesting a potential upside of 67.13% from its previous close.
• Other analysts, including HC Wainwright and Litchfield Hills Research, have also supported WidePoint with buy ratings and targets of $7.00 and $8.00, respectively.
• Institutional investors hold 22.60% of WidePoint's stock, with notable increases in stakes by firms such as Truvestments Capital LLC and many acquiring new positions in the company.

WidePoint (NYSEAMERICAN:WYY - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Westpark Capital in a research note issued on Tuesday,Benzinga reports. They currently have a $9.00 price target on the technology company's stock. Westpark Capital's target price would indicate a potential upside of 67.13% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of WidePoint in a research note on Monday, August 18th. Litchfield Hills Research restated a "buy" rating and issued a $8.00 target price on shares of WidePoint in a research note on Friday, August 15th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $8.00.

WidePoint Price Performance

Shares of NYSEAMERICAN:WYY traded up $0.08 during midday trading on Tuesday, reaching $5.39. The company had a trading volume of 10,011 shares, compared to its average volume of 78,158. The stock has a market capitalization of $52.67 million, a P/E ratio of -24.48 and a beta of 1.84. The stock's fifty day moving average price is $4.49 and its 200-day moving average price is $3.82. WidePoint has a one year low of $2.19 and a one year high of $6.25.

Institutional Investors Weigh In On WidePoint

Institutional investors and hedge funds have recently made changes to their positions in the company. Truvestments Capital LLC increased its stake in WidePoint by 7.6% in the first quarter. Truvestments Capital LLC now owns 41,389 shares of the technology company's stock valued at $138,000 after purchasing an additional 2,916 shares in the last quarter. XTX Topco Ltd bought a new stake in WidePoint during the second quarter worth $58,000. Cassaday & Co Wealth Management LLC acquired a new stake in shares of WidePoint in the 2nd quarter valued at $60,000. NewEdge Advisors LLC acquired a new position in shares of WidePoint during the 2nd quarter worth $74,000. Finally, Jane Street Group LLC bought a new stake in shares of WidePoint during the 2nd quarter worth $87,000. Institutional investors and hedge funds own 22.60% of the company's stock.

WidePoint Company Profile

WidePoint Corporation provides technology management as a service (TMaaS) to the government and business enterprises in North America and Europe. It offers TMaaS solutions through a secure federal government certified proprietary portal and secure enterprise portal that provides ability to manage, analyze, and protect communications assets, as well as deploys identity management solutions that provides secured virtual and physical access to restricted environments.

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