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

Bandwidth Inc. (NASDAQ:BAND) saw a significant drop in short interest in the month of May. As of May 31st, there was short interest totalling 978,900 shares, a drop of 12.6% from the May 15th total of 1,120,000 shares. Based on an average daily volume of 272,800 shares, the short-interest ratio is currently 3.6 days.

Bandwidth Price Performance

Bandwidth stock traded down $0.43 during midday trading on Tuesday, hitting $15.15. The company’s stock had a trading volume of 92,490 shares, compared to its average volume of 328,167. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.36 and a quick ratio of 2.36. The stock’s 50-day moving average price is $19.58 and its 200-day moving average price is $16.72. Bandwidth has a 12 month low of $9.34 and a 12 month high of $25.02.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.08). Bandwidth had a negative return on equity of 2.49% and a negative net margin of 4.60%. The business had revenue of $171.03 million during the quarter, compared to the consensus estimate of $165.10 million. Sell-side analysts predict that Bandwidth will post 0.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BAND has been the topic of a number of recent research reports. Robert W. Baird raised their target price on Bandwidth from $21.00 to $25.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. KeyCorp raised their target price on Bandwidth from $21.00 to $32.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. JMP Securities raised their target price on Bandwidth from $32.00 to $36.00 and gave the company a “market outperform” rating in a research note on Wednesday, May 8th. Canaccord Genuity Group lifted their price objective on shares of Bandwidth from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a research note on Friday, May 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $25.63.

Insider Activity

In other news, CFO Daryl Raiford sold 13,410 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $20.01, for a total transaction of $268,334.10. Following the completion of the sale, the chief financial officer now owns 68,076 shares of the company’s stock, valued at $1,362,200.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Daryl Raiford sold 13,410 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $20.01, for a total transaction of $268,334.10. Following the completion of the sale, the chief financial officer now owns 68,076 shares of the company’s stock, valued at $1,362,200.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Devin M. Krupka sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $21.61, for a total transaction of $54,025.00. Following the sale, the insider now directly owns 7,262 shares of the company’s stock, valued at approximately $156,931.82. The disclosure for this sale can be found here. Insiders have sold 36,073 shares of company stock worth $722,990 over the last 90 days. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

A number of institutional investors have recently bought and sold shares of BAND. G2 Investment Partners Management LLC purchased a new position in Bandwidth in the 4th quarter worth about $4,079,000. Hussman Strategic Advisors Inc. increased its stake in Bandwidth by 366.7% in the 4th quarter. Hussman Strategic Advisors Inc. now owns 147,000 shares of the company’s stock worth $2,127,000 after purchasing an additional 115,500 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Bandwidth in the 1st quarter worth about $1,143,000. B. Riley Asset Management LLC purchased a new position in Bandwidth in the 3rd quarter worth about $682,000. Finally, Acadian Asset Management LLC increased its stake in Bandwidth by 15.7% in the 1st quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock worth $6,231,000 after purchasing an additional 46,342 shares in the last quarter. Hedge funds and other institutional investors own 68.53% of the company’s stock.

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.