Zacks Investment Research Downgrades WidePoint (NYSEAMERICAN:WYY) to Sell

WidePoint (NYSEAMERICAN:WYY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “WidePoint is a technology-based provider of products and services to the government sector and commercial markets. WidePoint specializes in providing systems engineering, integration and information technology services. WidePoint’s wholly owned subsidiary, ORC, is at the forefront of implementing government-compliant eAuthentication identity management managed services and associated systems engineering/integration. ORC has earned four major U.S. federal government certifications offering the highest levels of assurance for transactions over the Internet. WidePoint’s profile of customers encompasses U.S. Federal Government agencies, including the Department of Defense, the Department of Homeland Security and the Department of Justice as well as major U.S. defense contractors and several major pharmaceutical companies. “

Shares of WYY stock traded down $0.02 during trading hours on Friday, hitting $0.36. 260,800 shares of the company were exchanged, compared to its average volume of 179,855. WidePoint has a 52 week low of $0.34 and a 52 week high of $0.63.

A hedge fund recently raised its stake in WidePoint stock. Renaissance Technologies LLC increased its holdings in shares of WidePoint Co. (NYSEAMERICAN:WYY) by 29.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,138,570 shares of the technology company’s stock after purchasing an additional 257,123 shares during the quarter. Renaissance Technologies LLC owned approximately 1.35% of WidePoint worth $476,000 as of its most recent SEC filing.

About WidePoint

WidePoint Corporation provides trusted mobility management (TM2) solutions to the government and commercial sectors in North America and Europe. It offers federally certified secure identity management and communications solutions through a proprietary portal. The company provides telecom lifecycle management solutions to corporations, governments, and not-for-profit organizations that provide visibility of telecom assets enabling clients to secure and manage the telecom assets; and telecom bill presentment analytical solutions, including bill presentment, subscriber data intelligence, and hosted voice analytics to communications service providers.

See Also: Understanding the different types of bonds

Get a free copy of the Zacks research report on WidePoint (WYY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for WidePoint Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WidePoint and related companies with MarketBeat.com's FREE daily email newsletter.