Crexendo, Inc. (NASDAQ:CXDO) Sees Significant Growth in Short Interest

Crexendo, Inc. (NASDAQ:CXDO) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 212,000 shares, a growth of 19.0% from the February 13th total of 178,100 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average daily volume of 175,600 shares, the days-to-cover ratio is presently 1.2 days.

Crexendo Stock Down 1.2 %

CXDO stock traded down $0.07 during trading on Wednesday, hitting $5.73. The company had a trading volume of 115,579 shares, compared to its average volume of 151,262. The firm has a market capitalization of $159.96 million, a P/E ratio of 191.16 and a beta of 1.15. Crexendo has a 52-week low of $2.92 and a 52-week high of $7.34. The company has a 50 day simple moving average of $5.94 and a 200-day simple moving average of $5.43.

Insider Buying and Selling at Crexendo

In other news, CEO Jeffrey G. Korn sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $6.00, for a total value of $60,000.00. Following the completion of the sale, the chief executive officer now owns 243,384 shares in the company, valued at approximately $1,460,304. This trade represents a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO David Tzat-Kin Wang sold 229,476 shares of the firm’s stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $5.50, for a total transaction of $1,262,118.00. Following the completion of the sale, the chief technology officer now owns 445,995 shares of the company’s stock, valued at $2,452,972.50. This trade represents a 33.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 249,476 shares of company stock worth $1,384,818 over the last 90 days. 56.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CXDO. Bank of America Corp DE increased its position in Crexendo by 71.7% during the 4th quarter. Bank of America Corp DE now owns 6,174 shares of the company’s stock valued at $32,000 after purchasing an additional 2,578 shares during the period. Creative Financial Designs Inc. ADV purchased a new position in Crexendo during the 4th quarter valued at about $44,000. Walleye Capital LLC purchased a new position in Crexendo during the 4th quarter valued at about $69,000. Schonfeld Strategic Advisors LLC purchased a new position in Crexendo during the 4th quarter valued at about $69,000. Finally, GSA Capital Partners LLP increased its position in Crexendo by 41.2% during the 3rd quarter. GSA Capital Partners LLP now owns 17,598 shares of the company’s stock valued at $82,000 after purchasing an additional 5,139 shares during the period. Hedge funds and other institutional investors own 9.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CXDO. B. Riley reaffirmed a “buy” rating and issued a $7.50 price target (up previously from $6.75) on shares of Crexendo in a research note on Wednesday, March 5th. D. Boral Capital raised their price target on shares of Crexendo from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th.

About Crexendo

Crexendo, Inc provides cloud communication platform and services, video collaboration, and managed IT services for businesses in the United States and internationally. It operates through two segments, Cloud Telecommunications Services and Software Solutions. The Cloud Telecommunications segment provides telecommunications services that transmit calls using Internet protocol (IP) or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud; and broadband Internet services, as well as develops end user portals for account and license management, and billing and customer support.