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

Bandwidth Inc. (NASDAQ:BAND) saw 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 daily volume of 232,400 shares, the days-to-cover ratio is presently 4.2 days.

Bandwidth Stock Up 0.4 %

Shares of NASDAQ BAND opened at $21.11 on Tuesday. Bandwidth has a 1 year low of $11.01 and a 1 year high of $25.02. The firm’s 50-day moving average is $18.66 and its 200-day moving average is $18.30. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $580.74 million, a PE ratio of -22.70 and a beta of 1.50.

Bandwidth (NASDAQ:BAND) last released its earnings results on Thursday, October 31st. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.11. The firm had revenue of $193.90 million during the quarter, compared to analyst estimates of $182.05 million. Bandwidth had a negative net margin of 2.23% and a negative return on equity of 0.89%. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 EPS. Equities analysts expect that Bandwidth will post 0.08 EPS for the current year.

Insider Transactions at Bandwidth

In other news, insider Devin M. Krupka sold 3,658 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $77,769.08. Following the completion of the transaction, the insider now directly owns 11,097 shares of the company’s stock, valued at approximately $235,922.22. This trade represents a 24.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daryl Raiford sold 4,371 shares of Bandwidth stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.70, for a total value of $90,479.70. Following the sale, the chief financial officer now directly owns 93,451 shares in the company, valued at $1,934,435.70. The trade was a 4.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,733 shares of company stock worth $948,310. 6.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bandwidth

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC grew its position in shares of Bandwidth by 3.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 21,221 shares of the company’s stock worth $372,000 after buying an additional 740 shares during the period. nVerses Capital LLC increased its position in shares of Bandwidth by 80.0% in the 3rd quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock valued at $32,000 after buying an additional 800 shares in the last quarter. Quarry LP grew its stake in Bandwidth by 157.6% in the third quarter. Quarry LP now owns 2,035 shares of the company’s stock valued at $36,000 after acquiring an additional 1,245 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Bandwidth by 10.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 14,713 shares of the company’s stock valued at $269,000 after purchasing an additional 1,334 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its stake in Bandwidth by 2.7% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 50,374 shares of the company’s stock worth $850,000 after purchasing an additional 1,342 shares in the last quarter. Institutional investors own 68.53% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.