Bandwidth Inc. (NASDAQ:BAND - Get Free Report) was the target of a significant increase in short interest in 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 trading volume, of 245,400 shares, the days-to-cover ratio is presently 3.8 days.
Bandwidth Stock Performance
Shares of NASDAQ BAND traded down $0.47 during trading hours on Wednesday, hitting $18.27. 334,728 shares of the stock were exchanged, compared to its average volume of 260,873. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.29 and a quick ratio of 1.29. Bandwidth has a one year low of $11.90 and a one year high of $25.02. The company's 50 day moving average is $17.52 and its 200 day moving average is $17.83. The firm has a market capitalization of $502.61 million, a P/E ratio of -19.65 and a beta of 1.54.
Insider Activity
In other news, CEO David A. Morken sold 2,777 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $17.39, for a total transaction of $48,292.03. Following the transaction, the chief executive officer now owns 109,783 shares of the company's stock, valued at approximately $1,909,126.37. This trade represents a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Richard Brandon Asbill sold 5,561 shares of the business's stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $21.26, for a total value of $118,226.86. Following the completion of the sale, the general counsel now owns 41,825 shares of the company's stock, valued at $889,199.50. This trade represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,417 shares of company stock worth $1,063,184. 6.20% of the stock is currently owned by corporate insiders.
Institutional Trading of Bandwidth
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Bandwidth by 4.3% in the fourth quarter. Vanguard Group Inc. now owns 1,769,027 shares of the company's stock valued at $30,109,000 after acquiring an additional 73,623 shares during the period. Dimensional Fund Advisors LP grew its stake in Bandwidth by 9.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,249,120 shares of the company's stock worth $21,260,000 after buying an additional 112,269 shares during the last quarter. State Street Corp increased its holdings in Bandwidth by 3.7% during the 3rd quarter. State Street Corp now owns 655,768 shares of the company's stock valued at $11,482,000 after purchasing an additional 23,352 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Bandwidth by 15.3% in the fourth quarter. Renaissance Technologies LLC now owns 651,300 shares of the company's stock worth $11,085,000 after purchasing an additional 86,200 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Bandwidth by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 570,910 shares of the company's stock valued at $9,720,000 after buying an additional 2,243 shares during the last quarter. 68.53% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on BAND shares. Morgan Stanley raised their target price 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. Needham & Company LLC reissued a "hold" rating on shares of Bandwidth in a report on Friday, November 1st. Finally, Robert W. Baird increased their price objective on Bandwidth from $19.00 to $22.00 and gave the company a "neutral" rating in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $28.83.
Read Our Latest Analysis on BAND
About Bandwidth
(
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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.
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