Short Interest in Crexendo, Inc. (NASDAQ:CXDO) Increases By 50.5%

Crexendo, Inc. (NASDAQ:CXDO - Get Free Report) saw a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 319,100 shares, an increase of 50.5% from the February 28th total of 212,000 shares. Based on an average daily trading volume, of 190,500 shares, the days-to-cover ratio is presently 1.7 days. Approximately 2.6% of the shares of the company are sold short.

Analysts Set New Price Targets

CXDO has been the subject of several recent research reports. D. Boral Capital upped their price target on Crexendo from $7.00 to $10.00 and gave the company a "buy" rating in a report on Thursday, March 6th. B. Riley restated a "buy" rating and issued a $7.50 target price (up from $6.75) on shares of Crexendo in a research note on Wednesday, March 5th.

Insider Transactions at Crexendo

In other Crexendo news, CTO David Tzat-Kin Wang sold 229,476 shares of the firm's stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $5.50, for a total value of $1,262,118.00. Following the sale, the chief technology officer now directly owns 445,995 shares in the company, valued at $2,452,972.50. This trade represents a 33.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jeffrey G. Korn sold 10,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $6.00, for a total transaction of $60,000.00. Following the transaction, the chief executive officer now owns 243,384 shares in the company, valued at approximately $1,460,304. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 249,476 shares of company stock worth $1,384,818 over the last three months. 56.20% of the stock is currently owned by insiders.

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Institutional Investors Weigh In On Crexendo

A number of institutional investors have recently added to or reduced their stakes in CXDO. Two Sigma Investments LP boosted its stake in Crexendo by 36.9% in the 4th quarter. Two Sigma Investments LP now owns 124,638 shares of the company's stock valued at $652,000 after buying an additional 33,602 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of Crexendo in the 4th quarter valued at $206,000. Bank of America Corp DE grew its holdings in shares of Crexendo by 71.7% in the 4th quarter. Bank of America Corp DE now owns 6,174 shares of the company's stock worth $32,000 after purchasing an additional 2,578 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Crexendo by 93.1% in the 4th quarter. Jane Street Group LLC now owns 23,075 shares of the company's stock worth $121,000 after purchasing an additional 11,128 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in shares of Crexendo during the 4th quarter worth about $69,000. 9.53% of the stock is owned by institutional investors and hedge funds.

Crexendo Price Performance

Shares of Crexendo stock traded down $0.48 during trading on Thursday, hitting $4.55. 144,087 shares of the company's stock traded hands, compared to its average volume of 151,301. Crexendo has a twelve month low of $2.92 and a twelve month high of $7.34. The company has a market cap of $126.95 million, a PE ratio of 151.72 and a beta of 1.15. The firm's fifty day moving average price is $5.94 and its 200 day moving average price is $5.48.

About Crexendo

Crexendo, Inc provides cloud communication platform and services, video collaboration, and managed IT services for businesses in the United States and internationally. It operates through two segments, Cloud Telecommunications Services and Software Solutions. The Cloud Telecommunications segment provides telecommunications services that transmit calls using Internet protocol (IP) or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud; and broadband Internet services, as well as develops end user portals for account and license management, and billing and customer support.