Bandwidth Inc. (NASDAQ:BAND) Short Interest Update

Bandwidth Inc. (NASDAQ:BAND) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 1,010,000 shares, an increase 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.

Bandwidth Stock Performance

Shares of Bandwidth stock opened at $17.80 on Thursday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.16 and a current ratio of 1.16. Bandwidth has a 1 year low of $9.34 and a 1 year high of $25.02. The firm’s 50-day simple moving average is $16.96 and its 200-day simple moving average is $18.19. The firm has a market cap of $480.74 million, a PE ratio of -15.89 and a beta of 1.51.

Bandwidth (NASDAQ:BAND) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, beating 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 period in the previous year, the company earned ($0.09) earnings per share. Bandwidth’s quarterly revenue was up 19.2% on a year-over-year basis. Equities analysts forecast that Bandwidth will post 0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Robert W. Baird lowered their price target on Bandwidth from $25.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. JMP Securities reiterated a “market outperform” rating and set a $36.00 price objective on shares of Bandwidth in a research note on Tuesday, August 27th. Finally, Barclays cut their price target on Bandwidth from $28.00 to $25.00 and set an “overweight” 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 issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.71.

Insider Buying and Selling

In other news, CFO Daryl Raiford sold 4,350 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer now owns 71,546 shares in the company, valued at $1,214,135.62. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 10,294 shares of company stock valued at $185,855. 6.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Bandwidth

Several large investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Bandwidth during the first quarter worth $1,143,000. Acadian Asset Management LLC grew its position in shares of Bandwidth by 15.7% during the 1st quarter. Acadian Asset Management LLC now owns 341,303 shares of the company’s stock valued at $6,231,000 after buying an additional 46,342 shares during the last quarter. Hsbc Holdings PLC raised its stake in Bandwidth by 143.9% during the second quarter. Hsbc Holdings PLC now owns 55,259 shares of the company’s stock worth $929,000 after acquiring an additional 32,598 shares during the period. Squarepoint Ops LLC acquired a new stake in Bandwidth during the second quarter worth about $1,113,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Bandwidth by 100.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,132 shares of the company’s stock worth $386,000 after acquiring an additional 10,571 shares during the last quarter. 68.53% of the stock is currently owned by institutional investors.

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.