Short Interest in Bandwidth Inc. (NASDAQ:BAND) Increases By 26.7%

Bandwidth Inc. (NASDAQ:BAND) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 1,240,000 shares, a growth of 26.7% from the May 31st total of 978,900 shares. Based on an average daily volume of 286,400 shares, the days-to-cover ratio is currently 4.3 days.

Insiders Place Their Bets

In other news, CEO David A. Morken sold 1,290 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $20.40, for a total value of $26,316.00. Following the completion of the transaction, the chief executive officer now directly owns 78,864 shares in the company, valued at approximately $1,608,825.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Daryl Raiford sold 13,410 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $20.01, for a total value of $268,334.10. Following the completion of the transaction, the chief financial officer now directly owns 68,076 shares in the company, valued at approximately $1,362,200.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David A. Morken sold 1,290 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $20.40, for a total transaction of $26,316.00. Following the completion of the transaction, the chief executive officer now owns 78,864 shares of the company’s stock, valued at $1,608,825.60. The disclosure for this sale can be found here. Insiders sold 31,229 shares of company stock worth $625,760 in the last quarter. 6.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bandwidth

A number of institutional investors have recently modified their holdings of the company. Bayesian Capital Management LP bought a new stake in shares of Bandwidth in the 1st quarter valued at $187,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Bandwidth by 10.0% in 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 during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Bandwidth in the 1st quarter valued at $235,000. Ameritas Investment Partners Inc. boosted its stake in Bandwidth by 31.6% during the first quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock worth $43,000 after acquiring an additional 565 shares in the last quarter. Finally, Resurgent Financial Advisors LLC boosted its stake in Bandwidth by 4.6% during the first quarter. Resurgent Financial Advisors LLC now owns 11,840 shares of the company’s stock worth $216,000 after acquiring an additional 520 shares in the last quarter. 68.53% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Bandwidth from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. JMP Securities upped their price objective on shares of Bandwidth from $32.00 to $36.00 and gave the stock a “market outperform” rating in a research report on Wednesday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research report on Friday, May 10th. KeyCorp upped their price objective on shares of Bandwidth from $21.00 to $32.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Finally, Barclays upped their price objective on shares of Bandwidth from $22.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Bandwidth presently has a consensus rating of “Hold” and a consensus price target of $25.63.

Bandwidth Trading Up 2.4 %

BAND opened at $17.29 on Tuesday. Bandwidth has a fifty-two week low of $9.34 and a fifty-two week high of $25.02. The company has a debt-to-equity ratio of 1.41, a current ratio of 2.36 and a quick ratio of 2.36. The firm has a market capitalization of $466.97 million, a price-to-earnings ratio of -15.44 and a beta of 1.49. The company’s 50 day moving average price is $19.28 and its two-hundred day moving average price is $17.01.

Bandwidth (NASDAQ:BAND) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.08). Bandwidth had a negative net margin of 4.60% and a negative return on equity of 2.49%. The firm had revenue of $171.03 million during the quarter, compared to the consensus estimate of $165.10 million. As a group, research analysts predict that Bandwidth will post 0.16 earnings per share for the current year.

About Bandwidth

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.