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

Bandwidth Inc. (NASDAQ:BAND) saw a large 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 currently 3.8 days.

Bandwidth Trading Down 4.6 %

NASDAQ BAND traded down $0.90 during trading on Friday, reaching $18.71. 297,147 shares of the stock traded hands, compared to its average volume of 233,107. The firm has a market cap of $514.71 million, a price-to-earnings ratio of -20.12 and a beta of 1.54. Bandwidth has a fifty-two week low of $11.90 and a fifty-two week high of $25.02. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.83. The stock’s 50-day moving average price is $17.61 and its 200 day moving average price is $17.85.

Insider Activity

In related news, General Counsel Richard Brandon Asbill sold 5,561 shares of Bandwidth stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $118,226.86. Following the completion of the transaction, the general counsel now directly owns 41,825 shares of the company’s stock, valued at $889,199.50. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David A. Morken sold 15,410 shares of Bandwidth stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $21.26, for a total transaction of $327,616.60. Following the transaction, the chief executive officer now directly owns 101,821 shares of the company’s stock, valued at $2,164,714.46. This represents a 13.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,417 shares of company stock worth $1,063,184. 6.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its holdings in shares of Bandwidth by 70.3% in the third quarter. FMR LLC now owns 371,215 shares of the company’s stock valued at $6,500,000 after buying an additional 153,223 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in shares of Bandwidth in the third quarter valued at approximately $747,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Bandwidth by 38.1% in the third 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 during the period. Geode Capital Management LLC boosted its holdings in shares of Bandwidth by 3.6% in the third 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 during the period. Finally, State Street Corp boosted its holdings in shares of Bandwidth by 3.7% in the third 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 during the period. Institutional investors and hedge funds own 68.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BAND. Robert W. Baird boosted their target price 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Bandwidth in a research note on Friday, November 1st. Finally, Morgan Stanley boosted their target price on shares of Bandwidth from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. One 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 MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $28.83.

Bandwidth Company Profile

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.