Short Interest in Bandwidth Inc. (NASDAQ:BAND) Rises By 13.0%

Bandwidth Inc. (NASDAQ:BAND) saw a large increase in short interest in January. As of January 15th, there was short interest totalling 847,600 shares, an increase of 13.0% from the December 31st total of 749,900 shares. Based on an average daily trading volume, of 261,700 shares, the days-to-cover ratio is currently 3.2 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BAND shares. Morgan Stanley increased their price objective on shares of Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Robert W. Baird raised their price target on Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $28.83.

Bandwidth Stock Down 1.0 %

Shares of BAND stock traded down $0.17 on Monday, reaching $17.60. 267,926 shares of the stock were exchanged, compared to its average volume of 261,206. The company has a market capitalization of $484.18 million, a price-to-earnings ratio of -18.92 and a beta of 1.54. The business’s 50 day moving average price is $18.11 and its 200 day moving average price is $18.02. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. Bandwidth has a twelve month low of $11.90 and a twelve month high of $25.02.

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

Insider Buying and Selling at Bandwidth

In related news, COO Devesh Agarwal sold 5,239 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $21.26, for a total transaction of $111,381.14. Following the completion of the sale, the chief operating officer now directly owns 38,839 shares of the company’s stock, valued at approximately $825,717.14. This trade represents a 11.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Devin M. Krupka sold 3,658 shares of the company’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 in the company, valued at $235,922.22. The trade was a 24.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,417 shares of company stock worth $1,063,184 in the last three months. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bandwidth

Several hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Bandwidth by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,043,013 shares of the company’s stock valued at $17,606,000 after buying an additional 62,201 shares in the last quarter. Sei Investments Co. purchased a new stake in Bandwidth in the second quarter valued at $590,000. Thrivent Financial for Lutherans boosted its stake in Bandwidth by 46.9% in the second quarter. Thrivent Financial for Lutherans now owns 59,125 shares of the company’s stock valued at $998,000 after acquiring an additional 18,873 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of Bandwidth during the second quarter worth about $1,113,000. Finally, nVerses Capital LLC increased its position in shares of Bandwidth by 80.0% during the third quarter. nVerses Capital LLC now owns 1,800 shares of the company’s stock worth $32,000 after purchasing an additional 800 shares in the last quarter. 68.53% of the stock is currently owned by hedge funds and other 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.