Bandwidth Inc. (NASDAQ:BAND) Short Interest Update

Bandwidth Inc. (NASDAQ:BAND) was the recipient of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 965,200 shares, a decline of 7.2% from the October 31st total of 1,040,000 shares. Based on an average trading volume of 232,400 shares, the short-interest ratio is presently 4.2 days.

Bandwidth Price Performance

Shares of Bandwidth stock traded down $0.58 on Monday, reaching $21.03. 394,980 shares of the stock were exchanged, compared to its average volume of 309,029. The firm’s 50 day moving average is $18.58 and its 200-day moving average is $18.31. Bandwidth has a one year low of $10.88 and a one year high of $25.02. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market cap of $578.54 million, a PE ratio of -22.61 and a beta of 1.50.

Bandwidth (NASDAQ:BAND) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.11. The company had revenue of $193.90 million during the quarter, compared to the consensus estimate of $182.05 million. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The firm’s quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 EPS. As a group, analysts anticipate that Bandwidth will post 0.08 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on BAND shares. Needham & Company LLC reissued a “hold” rating on shares of Bandwidth in a research report on Friday, November 1st. Robert W. Baird boosted their price objective on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, JMP Securities restated a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $28.33.

Insiders Place Their Bets

In related news, CFO Daryl Raiford sold 4,350 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $16.97, for a total value of $73,819.50. Following the sale, the chief financial officer now directly owns 71,546 shares of the company’s stock, valued at approximately $1,214,135.62. The trade was a 5.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 4,455 shares of company stock valued at $75,786. Company insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAND. Vanguard Group Inc. lifted its stake in Bandwidth by 1.1% in the 1st 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. Price T Rowe Associates Inc. MD raised its stake in shares of Bandwidth by 10.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company’s stock valued at $269,000 after acquiring an additional 1,334 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of Bandwidth by 40.6% during the second quarter. Baillie Gifford & Co. now owns 30,412 shares of the company’s stock worth $513,000 after purchasing an additional 8,789 shares during the period. Panagora Asset Management Inc. grew its stake in shares of Bandwidth by 50.0% in the second quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock worth $2,356,000 after purchasing an additional 46,547 shares during the last quarter. Finally, Innealta Capital LLC bought a new stake in shares of Bandwidth in the second quarter worth $30,000. 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.