Hedge Funds See More Upside for Nevro Corp (NVRO) and WidePoint Corporation (WYY)

The stock of the $75.81 million provider of IT based products WidePoint Corporation (NYSEMKT:WYY)  has surged by more than 17% in the last five trading days, but it is still down by nearly 27% for the year. The recent price action hasn’t been on the back of any significant news apart from Nokomis raising its stake in WidePoint Corporation (NYSEMKT:WYY). The company missed both the top and bottom line expectations in its financial results for the second quarter. According to CFO Jim McCubbin this was mostly due to revenue recognition delays as well as a drag in customer acceptances and the launch of new products in partnership with Samsung. However, he sees strong growth for the company in the second half of the year from DHS component agencies and various partnerships including that with AT&T.

Generally speaking, smart money investors reduced their exposure to WidePoint Corporation (NYSEMKT:WYY) during the second quarter, as five funds held around $16.88 million worth of the company’s stock at the end of the quarter, down from seven firms with $15.32 million in total holdings at the end of March. The aggregate hedge fund holdings at the end of June amassed about 12.3% of WidePoint’s outstanding stock. Nokomis Capital headed our list of WidePoint’s investors even before the latest hike of its stake. It is followed by Jeffrey Moskowitz’s Harvey Partners which cut its stake by 25% to 750,000 shares valued at $1.25 million.

Disclosure: None