Bandwidth Inc. (NASDAQ:BAND) Sees Significant Growth in Short Interest

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

Analyst Ratings Changes

BAND has been the subject of several recent research reports. Robert W. Baird lifted their target price on shares of Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. Finally, Morgan Stanley raised their target price on Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Bandwidth currently has an average rating of “Hold” and a consensus price target of $28.83.

Insiders Place Their Bets

In other Bandwidth news, insider Devin M. Krupka sold 3,658 shares of Bandwidth stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $77,769.08. Following the completion of the sale, the insider now owns 11,097 shares of the company’s stock, valued at approximately $235,922.22. The trade was a 24.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 $1,909,126.37. This trade represents a 2.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,023 shares of company stock worth $1,057,162 over the last 90 days. Company insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

A number of large investors have recently modified their holdings of BAND. Point72 Asset Management L.P. boosted its holdings in Bandwidth by 411.1% in the second quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock valued at $10,093,000 after purchasing an additional 480,933 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Bandwidth by 185.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 341,921 shares of the company’s stock worth $5,987,000 after buying an additional 222,142 shares during the last quarter. FMR LLC boosted its holdings in shares of Bandwidth by 70.3% in the 3rd quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after buying an additional 153,223 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Bandwidth by 35.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 324,199 shares of the company’s stock valued at $5,677,000 after buying an additional 83,979 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Bandwidth by 38.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 267,367 shares of the company’s stock worth $4,682,000 after acquiring an additional 73,795 shares in the last quarter. 68.53% of the stock is owned by hedge funds and other institutional investors.

Bandwidth Stock Performance

NASDAQ BAND opened at $15.68 on Monday. 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 company has a market cap of $431.36 million, a P/E ratio of -16.86 and a beta of 1.52. The stock has a 50-day moving average of $18.50 and a two-hundred day moving average of $18.10. Bandwidth has a 1-year low of $11.90 and a 1-year high of $25.02.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data 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. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The business had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. During the same quarter in the prior year, the company earned $0.03 earnings per share. The company’s revenue was up 27.6% on a year-over-year basis. As a group, analysts anticipate that Bandwidth will post 0.08 EPS for the current year.

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.