WidePoint (NYSEAMERICAN:WYY) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of WidePoint (NYSEAMERICAN:WYY) from a strong sell rating to a hold rating in a report released on Thursday morning,Zacks.com reports.

Separately, HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of WidePoint in a report on Monday, March 30th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, WidePoint presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.67.

WidePoint Stock Performance

Shares of WYY stock opened at $11.29 on Thursday. The stock has a market cap of $111.66 million, a PE ratio of -56.45 and a beta of 1.59. The business has a 50-day simple moving average of $6.81 and a 200-day simple moving average of $6.21. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.32. WidePoint has a 52-week low of $2.80 and a 52-week high of $11.44.

WidePoint (NYSEAMERICAN:WYY) last issued its quarterly earnings data on Thursday, May 14th. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.13. The business had revenue of $40.58 million during the quarter, compared to analysts’ expectations of $37.87 million. WidePoint had a negative return on equity of 16.24% and a negative net margin of 1.24%. On average, equities analysts expect that WidePoint will post -0.06 EPS for the current year.

Hedge Funds Weigh In On WidePoint

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada increased its stake in shares of WidePoint by 19,130.8% in the 1st quarter. Royal Bank of Canada now owns 5,000 shares of the technology company’s stock valued at $25,000 after purchasing an additional 4,974 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in shares of WidePoint in the 1st quarter valued at about $50,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of WidePoint in the 1st quarter valued at 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 valued at $247,000 after purchasing an additional 30,397 shares in the last quarter. Finally, State Street Corp increased its stake in shares of WidePoint by 9.7% in the 4th quarter. State Street Corp now owns 27,153 shares of the technology company’s stock valued at $146,000 after purchasing an additional 2,400 shares in the last quarter. Hedge funds and other institutional investors own 22.60% of the company’s stock.

About WidePoint

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.