Short Interest in Bandwidth Inc. (NASDAQ:BAND) Increases By 9.5%

Posted by Defense World Staff on Mar 17th, 2023

Bandwidth Inc. (NASDAQ:BAND – Get Rating) saw a large increase in short interest during the month of 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 volume of 658,100 shares, the short-interest ratio is presently 3.2 days. Currently, 9.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BAND. JMP Securities dropped their price objective on shares of Bandwidth from $55.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday. Barclays lowered their target price 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. Piper Sandler cut shares of Bandwidth from an “overweight” rating to a “neutral” rating and upped their target price for the company from $18.00 to $25.00 in a report on Tuesday, January 17th. Morgan Stanley lowered their target price on shares of Bandwidth from $23.00 to $21.00 and set an “equal weight” rating for the company in a report on Friday, February 24th. Finally, Citigroup upped their target price on shares of Bandwidth from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Monday, February 27th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Bandwidth currently has a consensus rating of “Moderate Buy” and an average target price of $26.89.

Insider Buying and Selling at Bandwidth

In other news, Director Lukas M. Roush acquired 9,200 shares of the company’s stock in a transaction on Friday, March 3rd. The shares were bought at an average cost of $15.99 per share, with a total value of $147,108.00. Following the transaction, the director now owns 23,890 shares in the company, valued at approximately $382,001.10. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 5.79% of the company’s stock.

Institutional Trading of Bandwidth

Several hedge funds have recently made changes to their positions in the company. Voya Investment Management LLC acquired a new stake in shares of Bandwidth in the 4th quarter worth $210,000. Alliancebernstein L.P. lifted its stake in shares of Bandwidth by 75.8% in the 4th quarter. Alliancebernstein L.P. now owns 42,200 shares of the company’s stock worth $968,000 after acquiring an additional 18,200 shares during the period. Point72 Middle East FZE acquired a new stake in shares of Bandwidth in the 4th quarter worth $51,000. Resurgent Financial Advisors LLC acquired a new stake in shares of Bandwidth in the 4th quarter worth $70,000. Finally, Harbour Investments Inc. lifted its stake in shares of Bandwidth by 72.5% in the 4th quarter. Harbour Investments Inc. now owns 11,524 shares of the company’s stock worth $264,000 after acquiring an additional 4,844 shares during the period. Institutional investors and hedge funds own 71.12% of the company’s stock.

Bandwidth Stock Up 0.6 %

Shares of NASDAQ:BAND opened at $15.50 on Friday. The stock has a market cap of $394.32 million, a P/E ratio of -21.83 and a beta of 1.26. The firm has a fifty day moving average price of $21.30 and a 200 day moving average price of $18.77. The company has a debt-to-equity ratio of 1.77, a current ratio of 2.45 and a quick ratio of 2.45. Bandwidth has a 1-year low of $9.20 and a 1-year high of $34.89.

Bandwidth (NASDAQ:BAND – Get Rating) last issued its quarterly earnings results on Thursday, February 23rd. The company reported $0.04 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.04. The firm had revenue of $157.00 million during 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 quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.09 EPS. Sell-side analysts predict that Bandwidth will post -0.02 EPS for the current year.

Bandwidth Company Profile

(Get Rating)

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.