Bandwidth Inc. (NASDAQ:BAND – Get Rating) was the target of a significant increase in short interest in February. As of February 28th, there was short interest totalling 2,080,000 shares, an increase of 9.5% from the February 13th total of 1,900,000 shares. Based on an average daily trading volume, of 658,100 shares, the days-to-cover ratio is presently 3.2 days. Currently, 9.2% of the company’s shares are short sold.
Bandwidth Trading Up 0.6 %
Shares of BAND stock opened at $15.50 on Friday. The stock has a market cap of $394.32 million, a price-to-earnings ratio of -21.83 and a beta of 1.26. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 1.77. Bandwidth has a fifty-two week low of $9.20 and a fifty-two week high of $34.89. The firm’s 50 day moving average price is $21.30 and its two-hundred day moving average price is $18.77.
Bandwidth (NASDAQ:BAND – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. The firm had revenue of $157.00 million for the quarter, compared to analysts’ expectations of $146.96 million. Bandwidth had a net margin of 3.41% and a negative return on equity of 0.49%. Bandwidth’s revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 earnings per share. On average, analysts anticipate that Bandwidth will post -0.02 EPS for the current year.
Insider Transactions at Bandwidth
Institutional Trading of Bandwidth
Hedge funds have recently made changes to their positions in the company. CWM LLC raised its stake in shares of Bandwidth by 78.9% during the fourth quarter. CWM LLC now owns 1,769 shares of the company’s stock valued at $41,000 after purchasing an additional 780 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Bandwidth during the first quarter valued at approximately $58,000. Point72 Middle East FZE purchased a new stake in shares of Bandwidth during the fourth quarter valued at approximately $51,000. Tower Research Capital LLC TRC increased its stake in shares of Bandwidth by 36.8% in the third quarter. Tower Research Capital LLC TRC now owns 2,946 shares of the company’s stock worth $36,000 after buying an additional 792 shares during the last quarter. Finally, Resurgent Financial Advisors LLC bought a new stake in shares of Bandwidth in the fourth quarter worth $70,000. Hedge funds and other institutional investors own 71.12% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on the stock. Barclays lowered their price target on shares of Bandwidth from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, February 24th. JMP Securities decreased their target price on shares of Bandwidth from $55.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday. Morgan Stanley decreased their target price on shares of Bandwidth from $23.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Friday, February 24th. Piper Sandler cut shares of Bandwidth from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $18.00 to $25.00 in a research report on Tuesday, January 17th. Finally, KeyCorp decreased their target price on shares of Bandwidth from $29.00 to $27.00 and set an “overweight” rating on the stock in a research report on Friday, February 24th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Bandwidth currently has an average rating of “Moderate Buy” and an average price target of $26.89.
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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