WidePoint Corporation (NYSEAMERICAN:WYY) Short Interest Update

Key Points

• Short interest in WidePoint surged in June, rising 82.9% to 529,962 shares as of June 30. That puts short interest at 6.4% of shares outstanding, with a low days-to-cover ratio of 0.5 days.
• Analyst sentiment remains positive, with Zacks Research upgrading WidePoint to “strong-buy” and HC Wainwright reiterating a “buy” rating with a $9.00 target. The stock’s consensus rating is “Buy,” and the average target price is $8.67.
• Insider selling has been notable, including recent sales by CFO Robert J. George and COO Todd Dzyak, with insiders selling 82,745 shares worth $1.36 million over the last three months. Insiders currently own 16.10% of the company.

WidePoint Corporation (NYSEAMERICAN:WYY - Get Free Report) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 529,962 shares, an increase of 82.9% from the June 15th total of 289,753 shares. Currently, 6.4% of the company's shares are sold short. Based on an average daily trading volume, of 1,010,387 shares, the days-to-cover ratio is presently 0.5 days.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WYY. Zacks Research raised shares of WidePoint from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 1st. HC Wainwright reaffirmed a "buy" rating and issued a $9.00 target price on shares of WidePoint in a research 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 an average target price of $8.67.

Insider Transactions at WidePoint

In related news, CFO Robert J. George sold 16,882 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $16.16, for a total value of $272,813.12. Following the completion of the sale, the chief financial officer owned 19,842 shares of the company's stock, valued at $320,646.72. This trade represents a 45.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Todd Dzyak sold 5,000 shares of the firm's stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $12.75, for a total value of $63,750.00. Following the completion of the sale, the chief operating officer directly owned 110,436 shares of the company's stock, valued at $1,408,059. The trade was a 4.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 82,745 shares of company stock worth $1,355,144. 16.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On WidePoint

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of WidePoint by 19,130.8% during the 1st quarter. Royal Bank of Canada now owns 5,000 shares of the technology company's stock valued at $25,000 after buying an additional 4,974 shares in the last quarter. PNC Financial Services Group Inc. purchased a new stake in shares of WidePoint in the 1st quarter worth about $50,000. Cassaday & Co Wealth Management LLC bought a new position in shares of WidePoint in the 1st quarter worth about $87,000. NewEdge Advisors LLC increased its stake 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 worth $247,000 after acquiring an additional 30,397 shares in the last quarter. Finally, State Street Corp lifted its position in WidePoint by 9.7% during the 4th quarter. State Street Corp now owns 27,153 shares of the technology company's stock valued at $146,000 after acquiring an additional 2,400 shares during the period. Hedge funds and other institutional investors own 22.60% of the company's stock.

WidePoint Stock Performance

WidePoint stock opened at $12.22 on Friday. WidePoint has a fifty-two week low of $2.80 and a fifty-two week high of $24.30. The stock's 50 day simple moving average is $12.42 and its two-hundred day simple moving average is $7.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $120.86 million, a price-to-earnings ratio of -61.10 and a beta of 1.71.

WidePoint (NYSEAMERICAN:WYY - Get Free Report) last announced its earnings results on Thursday, May 14th. The technology company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate 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, analysts expect that WidePoint will post 0.04 earnings per share for the current fiscal year.

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.

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