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

Bandwidth Inc. (NASDAQ:BAND) was the recipient of a large decrease in short interest in 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 trading volume of 336,300 shares, the short-interest ratio is currently 2.7 days.

Bandwidth Stock Performance

BAND stock traded up $0.41 on Tuesday, hitting $18.00. The company’s stock had a trading volume of 17,630 shares, compared to its average volume of 326,466. The stock has a market cap of $486.14 million, a price-to-earnings ratio of -15.71 and a beta of 1.50. The firm has a 50 day moving average of $17.87 and a two-hundred day moving average of $18.46. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.91. Bandwidth has a 1 year low of $9.34 and a 1 year high of $25.02.

Bandwidth (NASDAQ:BAND) last announced its earnings results on Thursday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.01. The business had revenue of $174.00 million during the quarter, compared to the consensus estimate 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 earned ($0.09) earnings per share. Equities analysts predict that Bandwidth will post 0.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on BAND shares. JMP Securities reissued a “market outperform” rating and set a $36.00 target price on shares of Bandwidth in a research note on Tuesday, August 27th. Morgan Stanley cut shares of Bandwidth from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $18.00 to $15.00 in a report on Friday, June 14th. Barclays lowered their price target on shares of Bandwidth from $28.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Needham & Company LLC restated a “hold” rating on shares of Bandwidth in a report on Friday, August 2nd. Finally, Robert W. Baird lowered their target price on shares of Bandwidth from $25.00 to $19.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $25.71.

Insider Buying and Selling

In other Bandwidth news, CFO Daryl Raiford sold 1,769 shares of Bandwidth stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $22.22, for a total value of $39,307.18. Following the completion of the transaction, the chief financial officer now directly owns 63,397 shares of the company’s stock, valued at approximately $1,408,681.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Daryl Raiford sold 1,769 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $22.22, for a total value of $39,307.18. Following the completion of the transaction, the chief financial officer now owns 63,397 shares of the company’s stock, valued at $1,408,681.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kade Ross sold 3,500 shares of the company’s stock in a transaction that occurred on 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 $394,608.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,794 shares of company stock valued at $245,075. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

Several hedge funds have recently modified their holdings of BAND. Point72 Asset Management L.P. lifted its stake in shares of Bandwidth by 411.1% in the 2nd quarter. Point72 Asset Management L.P. now owns 597,933 shares of the company’s stock worth $10,093,000 after acquiring an additional 480,933 shares during the period. Squarepoint Ops LLC purchased a new stake in Bandwidth in the 2nd quarter valued at approximately $1,113,000. 272 Capital LP acquired a new position in Bandwidth during the 2nd quarter worth approximately $533,000. Thrivent Financial for Lutherans raised its stake in shares of Bandwidth by 46.9% during the 2nd quarter. Thrivent Financial for Lutherans now owns 59,125 shares of the company’s stock worth $998,000 after buying an additional 18,873 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of Bandwidth in the 2nd quarter valued at approximately $590,000. 68.53% of the stock is owned by institutional investors and hedge funds.

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.