WidePoint (NYSEAMERICAN:WYY) Stock Price Passes Below 50-Day Moving Average – Here’s Why

WidePoint Corporation (NYSEAMERICAN:WYY) shares crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $3.69 and traded as low as $3.05. WidePoint shares last traded at $3.06, with a volume of 53,284 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WYY. Wall Street Zen initiated coverage on WidePoint in a research report on Tuesday, May 20th. They set a “hold” rating for the company. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of WidePoint in a report on Friday, May 16th.

WidePoint Trading Up 0.3%

The company has a market capitalization of $29.93 million, a PE ratio of -14.57 and a beta of 1.60. The stock has a fifty day moving average of $3.69 and a two-hundred day moving average of $3.90.

Insider Activity at WidePoint

In other WidePoint news, CFO Robert J. George sold 8,000 shares of WidePoint stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $3.21, for a total value of $25,680.00. Following the transaction, the chief financial officer now directly owns 72,452 shares of the company’s stock, valued at $232,570.92. The trade was a 9.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 11,000 shares of company stock valued at $35,790. Corporate insiders own 15.50% of the company’s stock.

Hedge Funds Weigh In On WidePoint

Large investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership purchased a new position in WidePoint in the 4th quarter worth approximately $75,000. Jane Street Group LLC purchased a new position in shares of WidePoint during the fourth quarter valued at approximately $101,000. Truvestments Capital LLC increased its stake in shares of WidePoint by 7.6% during the first quarter. Truvestments Capital LLC now owns 41,389 shares of the technology company’s stock valued at $138,000 after buying an additional 2,916 shares during the period. Private Advisor Group LLC increased its stake in shares of WidePoint by 29.2% during the fourth quarter. Private Advisor Group LLC now owns 31,000 shares of the technology company’s stock valued at $150,000 after buying an additional 7,000 shares during the period. Finally, Essex Investment Management Co. LLC increased its stake in shares of WidePoint by 9.9% during the fourth quarter. Essex Investment Management Co. LLC now owns 50,699 shares of the technology company’s stock valued at $245,000 after buying an additional 4,547 shares during the period. 22.60% of the stock is owned by hedge funds and other institutional investors.

About WidePoint

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.