Bandwidth Inc. (NASDAQ:BAND) Sees Significant Drop in Short Interest

Bandwidth Inc. (NASDAQ:BAND) was the recipient of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 797,500 shares, a decrease of 17.4% from the November 15th total of 965,200 shares. Based on an average trading volume of 241,100 shares, the days-to-cover ratio is currently 3.3 days.

Insiders Place Their Bets

In other Bandwidth news, insider Devin M. Krupka sold 3,658 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $21.26, for a total value of $77,769.08. Following the transaction, the insider now directly owns 11,097 shares in the company, valued at approximately $235,922.22. This trade represents a 24.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Devesh Agarwal sold 5,239 shares of Bandwidth stock in a transaction on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value 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 $825,717.14. This trade represents a 11.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,733 shares of company stock valued at $948,310 in the last 90 days. 6.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in 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 acquiring an additional 1,334 shares in the last quarter. Baillie Gifford & Co. boosted its position in shares of Bandwidth by 40.6% during the second quarter. Baillie Gifford & Co. now owns 30,412 shares of the company’s stock worth $513,000 after buying an additional 8,789 shares during the period. Panagora Asset Management Inc. grew its holdings in shares of Bandwidth by 50.0% during the second quarter. Panagora Asset Management Inc. now owns 139,592 shares of the company’s stock worth $2,356,000 after buying an additional 46,547 shares in the last quarter. Innealta Capital LLC acquired a new stake in Bandwidth in the 2nd quarter valued at approximately $30,000. Finally, Hussman Strategic Advisors Inc. lifted its stake in Bandwidth by 20.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 126,000 shares of the company’s stock valued at $2,127,000 after acquiring an additional 21,000 shares in the last quarter. Institutional investors and hedge funds own 68.53% of the company’s stock.

Bandwidth Stock Performance

Shares of Bandwidth stock opened at $18.71 on Monday. The stock’s fifty day simple moving average is $19.13 and its 200 day simple moving average is $18.22. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $514.71 million, a PE ratio of -20.12 and a beta of 1.51. Bandwidth has a 12 month low of $11.90 and a 12 month high of $25.02.

Bandwidth (NASDAQ:BAND) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.11. Bandwidth had a negative return on equity of 0.89% and a negative net margin of 2.23%. The company had revenue of $193.90 million for the quarter, compared to analyst estimates of $182.05 million. During the same quarter last year, the firm posted $0.03 earnings per share. Bandwidth’s revenue was up 27.6% compared to the same quarter last year. On average, research analysts predict that Bandwidth will post 0.08 EPS for the current year.

Analyst Ratings Changes

A number of research firms recently weighed in on BAND. JMP Securities reissued a “market outperform” rating and set a $36.00 price target on shares of Bandwidth in a research note on Tuesday, August 27th. Robert W. Baird increased their price target on Bandwidth from $19.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Bandwidth has a consensus rating of “Hold” and an average target price of $28.33.

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.