Bandwidth Inc. (NASDAQ:BAND) Sees Large Increase in Short Interest

Bandwidth Inc. (NASDAQ:BAND) saw a significant increase in short interest in 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 trading volume, of 270,600 shares, the short-interest ratio is currently 3.7 days.

Bandwidth Trading Up 3.2 %

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. The company has a market capitalization of $480.74 million, a P/E ratio of -15.89 and a beta of 1.51. Bandwidth has a 1 year low of $9.34 and a 1 year high of $25.02. The company’s fifty day moving average is $16.96 and its two-hundred day moving average is $18.19.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $174.00 million for the quarter, compared to analyst estimates of $173.18 million. Bandwidth had a negative return on equity of 1.89% and a negative net margin of 3.21%. The business’s revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) earnings per share. Analysts forecast that Bandwidth will post 0.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Bandwidth

In other Bandwidth news, CFO Daryl Raiford sold 4,350 shares of Bandwidth stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $16.97, for a total transaction of $73,819.50. Following the completion of the sale, the chief financial officer now directly owns 71,546 shares of the company’s stock, valued at $1,214,135.62. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 10,294 shares of company stock worth $185,855 over the last ninety days. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Bandwidth

Hedge funds have recently modified their holdings of the stock. Innealta Capital LLC acquired a new position in Bandwidth in the 2nd quarter valued at $30,000. nVerses Capital LLC raised its holdings in 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. Redwood Wealth Management Group LLC purchased a new position in Bandwidth during the second quarter worth about $35,000. Ameritas Investment Partners Inc. lifted its position in Bandwidth by 31.6% in the first quarter. Ameritas Investment Partners Inc. now owns 2,355 shares of the company’s stock valued at $43,000 after purchasing an additional 565 shares during the period. Finally, Daiwa Securities Group Inc. purchased a new stake in Bandwidth in the 2nd quarter valued at approximately $57,000. 68.53% of the stock is owned by institutional investors and hedge funds.

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.