WidePoint Corporation (NYSEAMERICAN:WYY) Stock Short Interest Declines 44.5%

WidePoint Corporation (NYSEAMERICAN:WYY) was the recipient of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 230,684 shares, a drop of 44.5% from the September 30th total of 415,974 shares. Based on an average daily volume of 135,163 shares, the days-to-cover ratio is currently 1.7 days. Approximately 2.8% of the shares of the company are short sold.

Hedge Funds Weigh In On WidePoint

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its position 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 acquiring an additional 4,974 shares during the last quarter. PNC Financial Services Group Inc. acquired a new stake in WidePoint during the 1st quarter worth about $50,000. Finally, Cassaday & Co Wealth Management LLC purchased a new position in WidePoint during the 1st quarter valued at about $87,000. Institutional investors and hedge funds own 22.60% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Zacks Research lowered shares of WidePoint from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

WidePoint Trading Down 0.4%

WYY stock traded down $0.03 during midday trading on Friday, hitting $7.69. 197,689 shares of the company’s stock were exchanged, compared to its average volume of 129,576. WidePoint has a 12-month low of $3.96 and a 12-month high of $24.30. The firm has a 50 day moving average price of $8.79 and a 200-day moving average price of $8.56. The stock has a market capitalization of $76.90 million, a price-to-earnings ratio of -59.15 and a beta of 1.84.

WidePoint (NYSEAMERICAN:WYY) last issued its earnings results on Thursday, August 13th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.03). The business had revenue of $38.00 million during the quarter, compared to the consensus estimate of $41.83 million. WidePoint had a negative return on equity of 10.74% and a negative net margin of 0.81%. On average, sell-side analysts forecast that WidePoint will post 0.05 EPS for the current fiscal year.

WidePoint Company Profile

WidePoint Corporation provides secure technology solutions for government agencies, regulated organizations and commercial enterprises. The company focuses on helping customers manage mobile communications, digital identities and cybersecurity requirements across distributed workforces and connected devices.

Its services include telecommunications expense management, managed mobility and wireless lifecycle management, identity assurance, credentialing, authentication and cybersecurity.