Bandwidth Inc. (NASDAQ:BAND) Short Interest Update

Bandwidth Inc. (NASDAQ:BAND) was the target of a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 749,900 shares, a decline of 6.0% from the November 30th total of 797,500 shares. Based on an average trading volume of 246,600 shares, the days-to-cover ratio is currently 3.0 days.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Morgan Stanley increased their price objective on Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a report on Wednesday, December 18th. Robert W. Baird increased their target price on shares of Bandwidth from $19.00 to $22.00 and gave the stock 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $28.83.

Bandwidth Stock Performance

BAND stock traded up $0.10 during mid-day trading on Tuesday, reaching $16.99. 79,789 shares of the stock traded hands, compared to its average volume of 301,822. The firm has a market capitalization of $467.39 million, a PE ratio of -18.27 and a beta of 1.51. The business has a 50-day moving average of $19.21 and a two-hundred day moving average of $18.07. Bandwidth has a 52 week low of $11.90 and a 52 week high of $25.02. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $193.90 million during the quarter, compared to the consensus estimate of $182.05 million. During the same quarter in the prior year, the company earned $0.03 EPS. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, equities analysts predict that Bandwidth will post 0.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Richard Brandon Asbill sold 5,561 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 $118,226.86. Following the transaction, the general counsel now directly owns 41,825 shares of the company’s stock, valued at approximately $889,199.50. The trade was a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daryl Raiford sold 4,371 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.70, for a total transaction of $90,479.70. Following the completion of the sale, the chief financial officer now 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 position. The disclosure for this sale can be found here. Insiders have sold 44,733 shares of company stock worth $948,310 in the last three months. 6.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC boosted its stake in Bandwidth by 3.6% during the third quarter. Los Angeles Capital Management LLC now owns 21,221 shares of the company’s stock worth $372,000 after buying an additional 740 shares in the last quarter. nVerses Capital LLC lifted its holdings in Bandwidth by 80.0% during the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after purchasing an additional 800 shares during the last quarter. Quarry LP boosted its position in Bandwidth by 157.6% in the third quarter. Quarry LP now owns 2,035 shares of the company’s stock valued at $36,000 after buying an additional 1,245 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Bandwidth by 2.7% during the second quarter. Mercer Global Advisors Inc. ADV now owns 50,374 shares of the company’s stock worth $850,000 after buying an additional 1,342 shares during the last quarter. Finally, Versor Investments LP increased its holdings in shares of Bandwidth by 14.0% during the second quarter. Versor Investments LP now owns 15,157 shares of the company’s stock worth $256,000 after buying an additional 1,857 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

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.