If you're a fan of, or investor in, WidePoint Corporation (NYSEMKT:WYY), then be warned now that what you're about to read regarding WYY is likely to irritate you. Nothing personal; it's just a reality check. Here goes - WidePoint shares are very likely to be at the onset of a sizeable pullback. [Insert boos and hisses here.]
Just for the record, this has nothing to do with the company itself - WidePoint Corporation is a fine company, as far as IT and telecom architecture go. This call is purely about the stock following an (and come on, you have to admit it's overdone) 80% runup over the past month or so. The telltale signs that WYY is ready to retreat from the rally are starting to fall into place.
The other reason WidePoint shares could be due for a sizeable dip is the nature and environment for the rally in the first place. It got started with solid Q3 results being announced in mid-November. They were good, and some strength from the stock could be expected. It's not like the results were a complete surprise though, and it's an oddity for a stock to rally for a month straight on earnings news.
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Fans and followers will be quick to point out t hat WYY landed a couple of big contracts in the meantime. Fair enough. Again though, that's nothing new. Why does news of new business get traction now where it didn't before? The most likely answer is, WidePoint Corporation also participated in a couple of investor conferences between the earnings announcement and now, and those investors liked what they heard. It wouldn't be the first time an investor pow-wow drove an inordinate amount of buyers to a particular stock.
Here's the problem with the investor-conference effect - it can go as quickly as it came, and it looks like it's starting to go now.
Don't get the wrong idea... WYY is still a solid idea, just not at its present price in its present situation. Let the fat get trimmed off and then go shopping. That could be somewhere around, or just above, $1.00.
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