Short Interest in Bandwidth Inc. (NASDAQ:BAND) Decreases By 13.8%

Bandwidth Inc. (NASDAQ:BAND) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 896,400 shares, a decrease of 13.8% from the August 15th total of 1,040,000 shares. Based on an average trading volume of 336,300 shares, the days-to-cover ratio is currently 2.7 days.

Bandwidth Stock Performance

Shares of BAND stock traded up $0.41 on Tuesday, hitting $18.00. The company had a trading volume of 17,630 shares, compared to its average volume of 326,466. The firm has a market cap of $486.14 million, a P/E ratio of -15.71 and a beta of 1.50. Bandwidth has a twelve month low of $9.34 and a twelve month high of $25.02. The company has a 50-day moving average price of $17.87 and a 200-day moving average price of $18.46. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.91.

Bandwidth (NASDAQ:BAND) last posted its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.01. Bandwidth had a negative net margin of 3.21% and a negative return on equity of 1.89%. The business had revenue of $174.00 million for the quarter, compared to analyst estimates of $173.18 million. During the same period in the prior year, the company posted ($0.09) EPS. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. As a group, equities research analysts predict that Bandwidth will post 0.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Bandwidth

In related news, insider Kade Ross sold 3,500 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $16.92, for a total value of $59,220.00. Following the sale, the insider now directly owns 23,322 shares in the company, valued at $394,608.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Daryl Raiford sold 1,769 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total value of $39,307.18. Following the completion of the sale, the chief financial officer now directly owns 63,397 shares of the company’s stock, valued at approximately $1,408,681.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kade Ross sold 3,500 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $16.92, for a total value of $59,220.00. Following the transaction, the insider now directly owns 23,322 shares in the company, valued at approximately $394,608.24. The disclosure for this sale can be found here. Insiders sold 13,794 shares of company stock valued at $245,075 in the last 90 days. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

Several large investors have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Bandwidth during the first quarter worth $1,143,000. G2 Investment Partners Management LLC acquired a new stake in shares of Bandwidth in the fourth quarter valued at approximately $4,079,000. Acadian Asset Management LLC increased its holdings in shares of Bandwidth by 15.7% in the first quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock valued at $6,231,000 after purchasing an additional 46,342 shares during the last quarter. Palogic Value Management L.P. lifted its position in Bandwidth by 17.0% during the fourth quarter. Palogic Value Management L.P. now owns 300,000 shares of the company’s stock worth $4,341,000 after buying an additional 43,675 shares in the last quarter. Finally, Oak Harbor Wealth Partners LLC acquired a new position in Bandwidth during the fourth quarter worth $224,000. 68.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BAND has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research note on Friday, August 2nd. Barclays cut their price target on Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Robert W. Baird lowered their price objective on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. JMP Securities reiterated a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a report on Tuesday, August 27th. Finally, Morgan Stanley lowered shares of Bandwidth from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $18.00 to $15.00 in a report on Friday, June 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bandwidth has a consensus rating of “Hold” and a consensus price target of $25.71.

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.