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

Bandwidth Inc. (NASDAQ:BAND) was the target of a large growth in short interest in 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 presently 3.2 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BAND shares. Robert W. Baird lifted their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Morgan Stanley lifted their price target on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Finally, Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $28.83.

Insiders Place Their Bets

In other news, CEO David A. Morken sold 2,777 shares of Bandwidth stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $17.39, for a total value of $48,292.03. Following the sale, the chief executive officer now directly owns 109,783 shares of the company’s stock, valued at approximately $1,909,126.37. The trade was a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daryl Raiford sold 4,371 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.70, for a total value of $90,479.70. Following the transaction, the chief financial officer now directly owns 93,451 shares of the company’s stock, valued at approximately $1,934,435.70. The trade was a 4.47 % 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 company insiders.

Institutional Investors Weigh In On Bandwidth

Large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in Bandwidth by 6.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock worth $17,606,000 after purchasing an additional 62,201 shares in the last quarter. State Street Corp raised its holdings in shares of Bandwidth by 3.7% in the third quarter. State Street Corp now owns 655,768 shares of the company’s stock valued at $11,482,000 after acquiring an additional 23,352 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Bandwidth by 9.3% in the second quarter. Renaissance Technologies LLC now owns 604,200 shares of the company’s stock worth $10,199,000 after acquiring an additional 51,542 shares during the period. Point72 Asset Management L.P. grew its holdings in Bandwidth by 411.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after acquiring an additional 480,933 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Bandwidth by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock valued at $9,960,000 after purchasing an additional 19,832 shares in the last quarter. 68.53% of the stock is owned by hedge funds and other institutional investors.

Bandwidth Trading Down 0.1 %

Shares of BAND traded down $0.01 during mid-day trading on Friday, reaching $15.68. 121,094 shares of the company’s stock traded hands, compared to its average volume of 207,653. Bandwidth has a 12 month low of $11.90 and a 12 month high of $25.02. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market cap of $431.36 million, a P/E ratio of -16.86 and a beta of 1.52. The stock’s 50-day moving average is $18.50 and its two-hundred day moving average is $18.09.

Bandwidth (NASDAQ:BAND) last released its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.11. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The business’s revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 earnings per share. Research analysts forecast that Bandwidth will post 0.08 earnings per share for the current fiscal year.

Bandwidth Company Profile

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.