WidePoint (NYSEAMERICAN:WYY) Stock Crosses Below Fifty Day Moving Average – Here’s Why

Shares of WidePoint Corporation (NYSEAMERICAN:WYY) passed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $6.36 and traded as low as $5.50. WidePoint shares last traded at $5.60, with a volume of 53,880 shares trading hands.

Wall Street Analyst Weigh In

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective (up previously from $7.00) on shares of WidePoint in a report on Friday, October 31st. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $8.67.

WidePoint Trading Down 5.9%

The business’s 50-day simple moving average is $6.36 and its 200 day simple moving average is $5.60. The company has a market capitalization of $55.38 million, a P/E ratio of -23.33 and a beta of 1.40.

WidePoint (NYSEAMERICAN:WYY) last posted its quarterly earnings data on Thursday, November 13th. The technology company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $36.13 million for the quarter, compared to analyst estimates of $39.64 million. WidePoint had a negative net margin of 1.55% and a negative return on equity of 17.61%. As a group, sell-side analysts predict that WidePoint Corporation will post -0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WYY. Cassaday & Co Wealth Management LLC acquired a new stake in WidePoint in the 2nd quarter valued at about $60,000. XTX Topco Ltd acquired a new stake in WidePoint during the second quarter valued at approximately $58,000. NewEdge Advisors LLC bought a new stake in WidePoint during the second quarter worth approximately $74,000. Jane Street Group LLC acquired a new position in WidePoint in the second quarter worth approximately $87,000. Finally, Bridgeway Capital Management LLC increased its holdings in shares of WidePoint by 87.6% in the second quarter. Bridgeway Capital Management LLC now owns 60,527 shares of the technology company’s stock valued at $207,000 after buying an additional 28,269 shares in the last quarter. 22.60% of the stock is owned by institutional investors and hedge funds.

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.