SoFi CEO enters prepaid forward contract on 1.5 million shares
In a recent transaction reported to the Securities and Exchange Commission, Jin Kang, CEO of WidePoint Corp (AMEX:WYY), purchased 2,000 shares of common stock. The shares were acquired at a weighted average price of approximately $3.39, totaling $6,772, slightly above the current trading price of $3.31. This insider purchase comes as the stock has declined nearly 40% over the past six months, though analysts maintain price targets between $7-8, suggesting significant upside potential. Following this transaction, Kang’s direct ownership stands at 627,651 shares of the $32.5 million market cap company. InvestingPro analysis reveals 10 additional key insights about WidePoint’s financial health and valuation metrics.
Additionally, Kang holds stock options for 9,714 shares of common stock, with an exercise price of $1.82, which will expire on August 4, 2028. These options were granted under the company’s Amended and Restated 2008 Stock Incentive Plan and will vest in full on the third anniversary of the grant date. The company’s stock has shown high price volatility, according to InvestingPro data, with a beta of 1.59, making it more volatile than the broader market.
In other recent news, WidePoint Corporation reported its first-quarter 2025 earnings, revealing a net loss of $724,000, or $0.08 per share, which was larger than the anticipated $0.03 loss per share. The company’s revenue for the quarter was $34.2 million, falling short of the expected $37.79 million. Despite these misses, WidePoint maintained its 31st consecutive quarter of positive adjusted EBITDA, which was $92,400. The company continues to focus on strategic initiatives such as FedRAMP authorization and expanding its Device as a Service program. WidePoint’s federal contract backlog stands at $268 million, with ongoing efforts to secure new task orders under existing contracts like SPIROL4. The company has provided revenue guidance for 2025 between $154 million and $163 million, with an adjusted EBITDA forecast of $2.8 million to $3.0 million. WidePoint is also actively pursuing strategic partnerships to enhance its market position, as emphasized by Chief Revenue Officer Jason Holloway. Analysts from firms like Litchfield Hills Research and H.C. Wainwright have shown interest in the company’s strategic direction and contract developments.
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