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

Key Points

• WidePoint Corporation's short interest decreased by 65.6% in August, dropping from 150,200 shares to 51,700 shares as of August 31st.
• Institutional investors hold 22.60% of WidePoint's stock, with notable investments from firms like XTX Topco Ltd and Cassaday & Co Wealth Management LLC.
• Analyst ratings for WidePoint include two "buy" ratings and an average target price of $7.50, with HC Wainwright setting a price target of $7.00.

WidePoint Corporation (NYSEAMERICAN:WYY - Get Free Report) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totaling 51,700 shares, a decrease of 65.6% from the August 15th total of 150,200 shares. Based on an average daily trading volume, of 84,000 shares, the short-interest ratio is presently 0.6 days. Currently, 0.6% of the shares of the company are sold short. Currently, 0.6% of the shares of the company are sold short. Based on an average daily trading volume, of 84,000 shares, the short-interest ratio is presently 0.6 days.

WidePoint Price Performance

WidePoint stock remained flat at $5.44 during midday trading on Wednesday. 29,944 shares of the company traded hands, compared to its average volume of 77,025. WidePoint has a 52-week low of $2.19 and a 52-week high of $6.25. The firm has a market cap of $53.20 million, a PE ratio of -24.73 and a beta of 1.83. The stock's fifty day moving average price is $3.96 and its 200-day moving average price is $3.68.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Truvestments Capital LLC boosted its stake in WidePoint by 7.6% during the first quarter. Truvestments Capital LLC now owns 41,389 shares of the technology company's stock worth $138,000 after buying an additional 2,916 shares during the period. Dimensional Fund Advisors LP boosted its stake in WidePoint by 9.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 81,372 shares of the technology company's stock worth $394,000 after buying an additional 7,331 shares during the period. XTX Topco Ltd purchased a new position in WidePoint during the second quarter worth about $58,000. Cassaday & Co Wealth Management LLC purchased a new position in WidePoint during the second quarter worth about $60,000. Finally, Jane Street Group LLC purchased a new position in WidePoint during the fourth quarter worth about $101,000. Hedge funds and other institutional investors own 22.60% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on WYY. Litchfield Hills Research reaffirmed a "buy" rating and set a $8.00 price objective on shares of WidePoint in a report on Friday, August 15th. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of WidePoint in a research report on Monday, August 18th. Finally, Wall Street Zen began coverage on shares of WidePoint in a research report on Tuesday, May 20th. They issued a "hold" rating for the company. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $7.50.

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.