Bandwidth Inc. (NASDAQ:BAND) Short Interest Down 13.8% in August

Bandwidth Inc. (NASDAQ:BAND) was the target of a significant decrease in short interest in 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 daily volume of 336,300 shares, the days-to-cover ratio is currently 2.7 days.

Bandwidth Stock Performance

Bandwidth stock traded up $0.15 during midday trading on Wednesday, hitting $17.47. The company’s stock had a trading volume of 55,347 shares, compared to its average volume of 325,734. The company has a 50-day moving average price of $17.87 and a two-hundred day moving average price of $18.44. The company has a market cap of $471.83 million, a price-to-earnings ratio of -15.46 and a beta of 1.50. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.16 and a quick ratio of 1.16. Bandwidth has a 1-year low of $9.34 and a 1-year high of $25.02.

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

Insiders Place Their Bets

In other news, CFO Daryl Raiford sold 4,350 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total transaction of $73,819.50. Following the transaction, the chief financial officer now owns 71,546 shares of the company’s stock, valued at approximately $1,214,135.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Kade Ross sold 3,500 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $16.92, for a total transaction of $59,220.00. Following the sale, the insider now directly owns 23,322 shares in the company, valued at approximately $394,608.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daryl Raiford sold 4,350 shares of Bandwidth stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total value of $73,819.50. Following the completion of the sale, the chief financial officer now directly owns 71,546 shares in the company, valued at $1,214,135.62. The disclosure for this sale can be found here. Insiders sold a total of 13,794 shares of company stock worth $245,075 over the last three months. 6.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bandwidth

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new stake in Bandwidth in the 1st quarter worth approximately $1,143,000. G2 Investment Partners Management LLC bought a new position in shares of Bandwidth in the fourth quarter worth about $4,079,000. Acadian Asset Management LLC boosted its holdings in Bandwidth by 15.7% in the 1st quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock worth $6,231,000 after buying an additional 46,342 shares during the period. Palogic Value Management L.P. grew its stake in Bandwidth by 17.0% during the fourth quarter. Palogic Value Management L.P. now owns 300,000 shares of the company’s stock valued at $4,341,000 after acquiring an additional 43,675 shares in the last quarter. Finally, Oak Harbor Wealth Partners LLC purchased a new position in shares of Bandwidth in the 4th quarter worth $224,000. Institutional investors own 68.53% of the company’s stock.

Analyst Upgrades and Downgrades

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