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

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WYY. Royal Bank of Canada lifted its stake in WidePoint by 19,130.8% during the first quarter. Royal Bank of Canada now owns 5,000 shares of the technology company’s stock worth $25,000 after purchasing an additional 4,974 shares during the last quarter. PNC Financial Services Group Inc. bought a new position in shares of WidePoint during the 1st quarter valued at about $50,000. Finally, Cassaday & Co Wealth Management LLC purchased a new position in shares of WidePoint during the 1st quarter valued at about $87,000. Institutional investors own 22.60% of the company’s stock.

WidePoint Stock Performance

WYY traded down $0.54 during trading on Monday, reaching $7.15. 219,051 shares of the company were exchanged, compared to its average volume of 139,660. WidePoint has a 12-month low of $3.96 and a 12-month high of $24.30. The company’s 50-day moving average is $8.75 and its two-hundred day moving average is $8.56.

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

Analysts Set New Price Targets

Separately, Zacks Research lowered 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 company presently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

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.