FAIRFAX, Va.—Robert J. George, the Chief Financial Officer of WidePoint Corp (AMEX:WYY), recently sold a substantial portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, George sold 22,000 shares of common stock on November 19, 2024. The shares were sold at a weighted average price of $4.78, resulting in a total transaction value of approximately $105,160.
Following this sale, George retains ownership of 92,474 shares of WidePoint's common stock. The transaction details indicate that the shares were sold in multiple transactions within a price range of $4.65 to $5.00.
Additionally, George holds stock options for 9,714 shares, which are exercisable at a price of $1.82 and will vest fully on the third anniversary of the grant date, as per the company's Amended and Restated 2008 Stock Incentive Plan.
In other recent news, WidePoint Corporation reported a significant increase in its third-quarter revenues and positive adjusted EBITDA for the 29th consecutive quarter. The company's revenue increased by 35% year-over-year, reaching $34.6 million for the quarter. The adjusted EBITDA saw a substantial rise of 149% to $574,000. WidePoint also reported improved free cash flow and a decrease in net loss compared to the previous year.
Strategic initiatives highlighted by the company include the development of the MobileAnchor Digital Credential solution and the pursuit of FedRAMP authorization. WidePoint secured two new high-margin SaaS contracts driven by the MobileAnchor Digital Credential solution. The company is in the final steps of obtaining FedRAMP authorization. WidePoint anticipates revenues between $120 million and $133 million for the year.
These are recent developments for WidePoint, including a notable improvement in free cash flow and the securing of high-margin contracts. The company's focus on strategic initiatives such as the MobileAnchor Digital Credential solution and the pursuit of FedRAMP authorization underline its commitment to growth and innovation.
InvestingPro Insights
The recent sale of shares by WidePoint Corp's CFO Robert J. George comes at a time when the company's stock is trading near its 52-week high, with the price at 95.1% of its peak. This aligns with an InvestingPro Tip indicating that WYY has seen a "Strong return over the last month," with a 14.32% price increase in the past 30 days.
WidePoint's financial performance has been mixed. While the company has experienced significant revenue growth, with a 31.67% increase in the last twelve months to $133.12 million, it is currently not profitable. This is reflected in the negative operating income of $2.62 million for the same period.
Despite the lack of profitability, investors seem optimistic about WidePoint's prospects. The stock has shown remarkable performance, with a one-year price total return of 144.51%. This impressive gain is consistent with another InvestingPro Tip highlighting a "Large price uptick over the last six months."
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into WidePoint's financial health and market position.
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