WidePoint (NYSEAMERICAN:WYY) Share Price Crosses Below 50-Day Moving Average – Time to Sell?

WidePoint Corporation (NYSEAMERICAN:WYY) crossed 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 Analysts Forecast Growth

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

WidePoint Stock Down 5.9%

The company has a market capitalization of $55.38 million, a PE ratio of -23.33 and a beta of 1.40. The firm’s 50 day simple moving average is $6.36 and its 200 day simple moving average is $5.61.

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

Institutional Trading of WidePoint

Several institutional investors and hedge funds have recently made changes to their positions in the business. Ritholtz Wealth Management bought a new position in shares of WidePoint in the fourth quarter worth about $79,000. XTX Topco Ltd purchased a new position in WidePoint during the 2nd quarter worth $58,000. Cassaday & Co Wealth Management LLC bought a new stake in WidePoint during the 2nd quarter valued at $60,000. NewEdge Advisors LLC purchased a new stake in WidePoint in the second quarter worth about $74,000. Finally, Jane Street Group LLC purchased a new stake in WidePoint in the second quarter worth about $87,000. 22.60% of the stock is currently owned by institutional investors.

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.