Short Interest in Crexendo, Inc. (NASDAQ:CXDO) Increases By 19.0%

Crexendo, Inc. (NASDAQ:CXDO) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 212,000 shares, an increase of 19.0% from the February 13th total of 178,100 shares. Approximately 1.7% of the shares of the stock are sold short. Based on an average daily volume of 175,600 shares, the days-to-cover ratio is presently 1.2 days.

Insiders Place Their Bets

In other news, CTO David Tzat-Kin Wang sold 229,476 shares of the business’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $5.50, for a total value of $1,262,118.00. Following the sale, the chief technology officer now directly owns 445,995 shares in the company, valued at $2,452,972.50. The trade was a 33.97 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jeffrey G. Korn sold 10,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $6.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief executive officer now owns 243,384 shares in the company, valued at approximately $1,460,304. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 249,476 shares of company stock worth $1,384,818 in the last 90 days. 56.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crexendo

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC bought a new position in Crexendo during the 3rd quarter valued at about $109,000. Geode Capital Management LLC boosted its position in Crexendo by 18.4% in the 3rd quarter. Geode Capital Management LLC now owns 140,193 shares of the company’s stock valued at $651,000 after buying an additional 21,739 shares during the period. GSA Capital Partners LLP boosted its position in Crexendo by 41.2% in the 3rd quarter. GSA Capital Partners LLP now owns 17,598 shares of the company’s stock valued at $82,000 after buying an additional 5,139 shares during the period. ARS Investment Partners LLC purchased a new stake in Crexendo in the 4th quarter valued at about $243,000. Finally, NewEdge Advisors LLC boosted its position in Crexendo by 265.3% in the 4th quarter. NewEdge Advisors LLC now owns 57,858 shares of the company’s stock valued at $303,000 after buying an additional 42,020 shares during the period. 9.53% of the stock is currently owned by institutional investors.

Crexendo Stock Down 2.0 %

NASDAQ:CXDO traded down $0.12 during mid-day trading on Tuesday, hitting $5.80. 118,679 shares of the stock traded hands, compared to its average volume of 151,369. The stock has a market capitalization of $161.83 million, a price-to-earnings ratio of 193.40 and a beta of 1.15. Crexendo has a 52 week low of $2.92 and a 52 week high of $7.34. The firm’s 50 day moving average is $5.94 and its two-hundred day moving average is $5.43.

Analyst Ratings Changes

CXDO has been the topic of a number of research reports. D. Boral Capital boosted their target price on shares of Crexendo from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, March 6th. B. Riley restated a “buy” rating and issued a $7.50 target price (up from $6.75) on shares of Crexendo in a report on Wednesday, March 5th.

About Crexendo

Crexendo, Inc provides cloud communication platform and services, video collaboration, and managed IT services for businesses in the United States and internationally. It operates through two segments, Cloud Telecommunications Services and Software Solutions. The Cloud Telecommunications segment provides telecommunications services that transmit calls using Internet protocol (IP) or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud; and broadband Internet services, as well as develops end user portals for account and license management, and billing and customer support.