Short Interest in Bandwidth Inc. (NASDAQ:BAND) Grows By 13.0%

Bandwidth Inc. (NASDAQ:BAND) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 847,600 shares, a growth of 13.0% from the December 15th total of 749,900 shares. Based on an average daily volume of 261,700 shares, the days-to-cover ratio is currently 3.2 days.

Insider Buying and Selling

In other news, CFO Daryl Raiford sold 10,389 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $220,870.14. Following the sale, the chief financial officer now owns 87,220 shares in the company, valued at approximately $1,854,297.20. The trade was a 10.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David A. Morken sold 2,777 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $17.39, for a total transaction of $48,292.03. Following the completion of the transaction, the chief executive officer now directly owns 109,783 shares of the company’s stock, valued at $1,909,126.37. The trade was a 2.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,023 shares of company stock worth $1,057,162 in the last three months. 6.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Bandwidth

Several hedge funds have recently modified their holdings of the company. SG Americas Securities LLC boosted its position in Bandwidth by 14.5% during the fourth quarter. SG Americas Securities LLC now owns 11,102 shares of the company’s stock worth $189,000 after purchasing an additional 1,407 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Bandwidth by 40.9% during the 3rd quarter. Franklin Resources Inc. now owns 77,481 shares of the company’s stock worth $1,325,000 after buying an additional 22,505 shares during the period. Geode Capital Management LLC lifted its position in shares of Bandwidth by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock valued at $9,960,000 after buying an additional 19,832 shares in the last quarter. Barclays PLC grew its stake in Bandwidth by 9.1% in the 3rd quarter. Barclays PLC now owns 224,497 shares of the company’s stock valued at $3,931,000 after acquiring an additional 18,778 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Bandwidth in the 3rd quarter valued at $453,000. 68.53% of the stock is owned by hedge funds and other institutional investors.

Bandwidth Stock Performance

BAND stock traded down $0.01 during trading on Friday, hitting $15.68. 121,094 shares of the company traded hands, compared to its average volume of 207,653. Bandwidth has a 1 year low of $11.90 and a 1 year high of $25.02. The company has a market cap of $431.36 million, a PE ratio of -16.86 and a beta of 1.52. The stock’s 50-day simple moving average is $18.50 and its 200 day simple moving average is $18.09. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.11. The firm had revenue of $193.90 million during the quarter, compared to analysts’ expectations of $182.05 million. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The business’s revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.03 EPS. On average, equities analysts expect that Bandwidth will post 0.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BAND. Morgan Stanley raised their price target on shares of Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Robert W. Baird upped their target price on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research report on Friday, November 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $28.83.

About Bandwidth

Bandwidth is a leading enterprise cloud communications company. Companies like Cisco, Google, Microsoft, RingCentral, Uber, and Zoom use Bandwidth’s APIs to easily embed voice, messaging, and emergency services into software and applications. Bandwidth is the first and only CPaaS provider offering a robust selection of communications APIs built around their own IP voice network.