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

Bandwidth Inc. (NASDAQ:BAND) saw a significant growth in short interest in September. As of September 30th, there was short interest totalling 1,010,000 shares, a growth of 12.6% from the September 15th total of 897,000 shares. Based on an average daily volume of 270,600 shares, the days-to-cover ratio is currently 3.7 days.

Insider Activity

In related news, CFO Daryl Raiford sold 1,769 shares of the stock in a transaction 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 10,294 shares of company stock worth $185,855 over the last 90 days. 6.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bandwidth

A number of institutional investors have recently made changes to their positions in BAND. Los Angeles Capital Management LLC bought a new stake in Bandwidth in the first quarter worth $364,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Bandwidth by 100.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,132 shares of the company’s stock valued at $386,000 after acquiring an additional 10,571 shares during the period. BNP Paribas Financial Markets grew its position in Bandwidth by 84.4% during the 1st quarter. BNP Paribas Financial Markets now owns 13,690 shares of the company’s stock worth $250,000 after acquiring an additional 6,266 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in Bandwidth in the 1st quarter worth approximately $1,143,000. Finally, Vanguard Group Inc. lifted its position in Bandwidth by 1.1% in the first quarter. Vanguard Group Inc. now owns 1,536,051 shares of the company’s stock valued at $28,048,000 after purchasing an additional 16,181 shares during the last quarter. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JMP Securities reissued a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research report on Tuesday, August 27th. Barclays lowered their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Finally, Robert W. Baird lowered their price objective on Bandwidth from $25.00 to $19.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One investment 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. Based on data from MarketBeat.com, Bandwidth currently has an average rating of “Hold” and a consensus price target of $25.71.

Bandwidth Price Performance

Shares of NASDAQ:BAND opened at $17.24 on Wednesday. The company’s fifty day moving average price is $16.92 and its 200-day moving average price is $18.20. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $465.62 million, a price-to-earnings ratio of -15.39 and a beta of 1.51. Bandwidth has a one year low of $9.34 and a one year high of $25.02.

Bandwidth (NASDAQ:BAND) last issued its quarterly 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 return on equity of 1.89% and a negative net margin of 3.21%. The firm had revenue of $174.00 million during the quarter, compared to analyst estimates of $173.18 million. During the same quarter in the previous year, the company posted ($0.09) earnings per share. The company’s revenue was up 19.2% compared to the same quarter last year. On average, equities research analysts anticipate that Bandwidth will post 0.11 earnings per share for the current fiscal year.

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.