WidePoint Corp (NYSEAMERICAN:WYY) Chief Financial Officer Robert J. George has sold a total of 10,000 shares of the company, according to a recent SEC filing. The transactions, carried out over two consecutive days, resulted in proceeds exceeding $35,000.
The first sale occurred on September 19, 2024, with 9,000 shares sold at a price of $3.53 per share. The following day, an additional 1,000 shares were sold at a slightly lower price of $3.43 each. The combined sales from these transactions amounted to a total of $35,200.
Following these sales, George still holds a substantial number of shares, indicating a continued vested interest in the company's performance. WidePoint Corp, specializing in computer integrated systems design, has not released any official statement regarding these transactions.
Investors and market watchers often keep a close eye on insider sales and purchases as they can provide insights into the company's financial health and future prospects. The recent sales by WidePoint's CFO may be of particular interest to those following the company's stock, which is publicly traded under the ticker symbol WYY on the NYSE American exchange.
In other recent news, WidePoint Corporation has reported a robust growth in its second quarter of 2024, with a significant revenue increase of 35%, reaching $36 million. The company also noted positive adjusted EBITDA for the 28th consecutive quarter and a strong sales pipeline, including substantial contract wins and strategic partnerships. The recent developments include the Spiral 4 contract worth $2.7 billion and a $254 million addition to the CWMS 2.0 contract. The company is optimistic about the SEWP VI contract, which could further increase market share. WidePoint is also actively pursuing opportunities in the commercial sector, including the K-12 market. Despite facing challenges such as increased Days Sales Outstanding (DSOs) and $25.8 million in unbilled receivables, the company aims to achieve positive earnings per share in 2025. WidePoint anticipates achieving FedRAMP authorization by the end of 2024, which could potentially bolster its market position.
InvestingPro Insights
WidePoint Corp (NYSEAMERICAN:WYY) has seen a notable performance in the stock market with a strong return over the last three months, as indicated by a 17.16% price total return in that period. The company's stock price has also experienced a significant uptick, with a 36.02% price total return over the last six months and an impressive 108.82% return over the past year. These metrics suggest a robust upward trend in the stock's value, aligning with the recent insider transactions carried out by CFO Robert J. George.
Despite the positive momentum in stock price, WidePoint Corp is currently trading at a low revenue valuation multiple, which could indicate that the stock is undervalued relative to its revenue generation. This is an interesting point for investors considering the company's revenue growth of 23.44% over the last twelve months as of Q2 2024. Additionally, the company's market capitalization stands at $28.92 million, and it operates with a moderate level of debt, which could provide a sense of stability for potential investors.
InvestingPro Tips highlight that WidePoint Corp does not pay a dividend to shareholders, which may be a factor for those seeking regular income from their investments. However, the company's strong returns over various periods could be appealing for growth-focused investors. For those interested in further insights and metrics, there are additional InvestingPro Tips available at https://www.investing.com/pro/WYY, which could further inform investment decisions.
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