Short Interest in Bandwidth Inc. (NASDAQ:BAND) Expands By 13.6%

Bandwidth Inc. (NASDAQ:BAND) was the target of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 922,200 shares, an increase of 13.6% from the January 15th total of 811,500 shares. Based on an average daily volume of 245,400 shares, the short-interest ratio is currently 3.8 days.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Morgan Stanley upped their price objective on shares of Bandwidth from $17.00 to $18.00 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Finally, Robert W. Baird increased their price target on shares of Bandwidth from $19.00 to $22.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $28.83.

Insider Activity at Bandwidth

In other news, CFO Daryl Raiford sold 4,371 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $20.70, for a total transaction of $90,479.70. Following the sale, the chief financial officer now owns 93,451 shares in the company, valued at $1,934,435.70. The trade was a 4.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David A. Morken sold 2,777 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $17.39, for a total transaction of $48,292.03. Following the sale, the chief executive officer now owns 109,783 shares in the company, valued at $1,909,126.37. This represents a 2.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,417 shares of company stock valued at $1,063,184 over the last ninety days. Insiders own 6.20% of the company’s stock.

Institutional Trading of Bandwidth

Hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its holdings in Bandwidth by 70.3% in the 3rd quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after purchasing an additional 153,223 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Bandwidth in the 3rd quarter valued at $747,000. Charles Schwab Investment Management Inc. raised its stake in shares of Bandwidth by 38.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 267,367 shares of the company’s stock valued at $4,682,000 after buying an additional 73,795 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Bandwidth by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 568,667 shares of the company’s stock valued at $9,960,000 after buying an additional 19,832 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Bandwidth by 3.7% in the 3rd quarter. State Street Corp now owns 655,768 shares of the company’s stock valued at $11,482,000 after buying an additional 23,352 shares in the last quarter. 68.53% of the stock is owned by institutional investors.

Bandwidth Stock Performance

Shares of NASDAQ BAND traded down $0.90 during trading hours on Friday, hitting $18.71. 297,147 shares of the stock were exchanged, compared to its average volume of 233,107. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29. The company’s 50 day moving average is $17.61 and its 200 day moving average is $17.85. The firm has a market capitalization of $514.71 million, a P/E ratio of -20.12 and a beta of 1.54. Bandwidth has a one year low of $11.90 and a one year high of $25.02.

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.