Zacks Investment Research Lowers WidePoint (NYSEAMERICAN:WYY) to Sell

Zacks Investment Research cut shares of WidePoint (NYSEAMERICAN:WYY) from a hold rating to a sell rating in a research report sent to investors on Saturday morning, Zacks.com reports.

According to Zacks, “WidePoint is a technology-based provider of products and services to the government sector and commercial markets. WidePoint specializes in providing systems engineering, integration and information technology services. WidePoint’s wholly owned subsidiary, ORC, is at the forefront of implementing government-compliant eAuthentication identity management managed services and associated systems engineering/integration. ORC has earned four major U.S. federal government certifications offering the highest levels of assurance for transactions over the Internet. WidePoint’s profile of customers encompasses U.S. Federal Government agencies, including the Department of Defense, the Department of Homeland Security and the Department of Justice as well as major U.S. defense contractors and several major pharmaceutical companies. “

Separately, B. Riley increased their price target on shares of WidePoint from $0.70 to $0.75 and gave the company a buy rating in a research note on Friday, May 15th.

WYY stock opened at $0.66 on Friday. WidePoint has a fifty-two week low of $0.28 and a fifty-two week high of $0.99.

WidePoint (NYSEAMERICAN:WYY) last released its earnings results on Thursday, May 14th. The technology company reported $0.01 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.01. The firm had revenue of $39.67 million for the quarter, compared to analysts’ expectations of $26.02 million.

In related news, major shareholder Nokomis Capital, L.L.C. sold 631,438 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $0.59, for a total transaction of $372,548.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders have sold 2,639,987 shares of company stock valued at $1,615,573.

A hedge fund recently raised its stake in WidePoint stock. Renaissance Technologies LLC boosted its holdings in WidePoint Co. (NYSEAMERICAN:WYY) by 29.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,503,788 shares of the technology company’s stock after acquiring an additional 342,197 shares during the quarter. Renaissance Technologies LLC owned about 1.77% of WidePoint worth $599,000 as of its most recent filing with the SEC.

About WidePoint

WidePoint Corporation provides trusted mobility management (TM2) solutions to the government and commercial sectors in North America and Europe. It offers federally certified secure identity management and communications solutions through a proprietary portal. The company provides telecom lifecycle management solutions to corporations, governments, and not-for-profit organizations that provide visibility of telecom assets enabling clients to secure and manage the telecom assets; and telecom bill presentment analytical solutions, including bill presentment, subscriber data intelligence, and hosted voice analytics to communications service providers.

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