Bandwidth Inc. (NASDAQ:BAND) Short Interest Down 7.2% in November

Bandwidth Inc. (NASDAQ:BAND) saw a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 965,200 shares, a decrease of 7.2% from the October 31st total of 1,040,000 shares. Based on an average trading volume of 232,400 shares, the short-interest ratio is presently 4.2 days.

Bandwidth Price Performance

Shares of NASDAQ:BAND opened at $21.11 on Tuesday. The business has a fifty day simple moving average of $18.66 and a 200 day simple moving average of $18.30. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth has a 1 year low of $11.01 and a 1 year high of $25.02. The firm has a market cap of $580.74 million, a price-to-earnings ratio of -22.70 and a beta of 1.50.

Bandwidth (NASDAQ:BAND) last posted its quarterly 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 company had revenue of $193.90 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. As a group, sell-side analysts predict that Bandwidth will post 0.08 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Devin M. Krupka sold 3,658 shares of the company’s stock in a transaction on 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 directly owns 11,097 shares of the company’s stock, valued at $235,922.22. This represents a 24.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David A. Morken sold 15,410 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 value of $327,616.60. Following the completion of the transaction, the chief executive officer now directly owns 101,821 shares in the company, valued at $2,164,714.46. This represents a 13.14 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,733 shares of company stock worth $948,310. Insiders own 6.20% of the company’s stock.

Institutional Trading of Bandwidth

Several large investors have recently modified their holdings of BAND. Innealta Capital LLC acquired a new position in Bandwidth during the 2nd quarter worth $30,000. nVerses Capital LLC lifted its position in shares of Bandwidth by 80.0% during the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock worth $32,000 after purchasing an additional 800 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in shares of Bandwidth during the 2nd quarter worth about $35,000. Quarry LP boosted its stake in Bandwidth by 157.6% during the 3rd quarter. Quarry LP now owns 2,035 shares of the company’s stock valued at $36,000 after purchasing an additional 1,245 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new stake in Bandwidth in the 2nd quarter valued at approximately $57,000. 68.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. Robert W. Baird lifted their price target on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Finally, JMP Securities reissued a “market outperform” rating and issued a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. One equities 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. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $28.33.

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.