Bandwidth (NASDAQ:BAND) Stock Price Down 5.3% – Here’s What Happened

Bandwidth Inc. (NASDAQ:BAND) was down 5.3% on Friday . The stock traded as low as $16.81 and last traded at $16.5740. Approximately 22,264 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 368,448 shares. The stock had previously closed at $17.51.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BAND shares. Weiss Ratings restated a “sell (d-)” rating on shares of Bandwidth in a research report on Wednesday, January 21st. B. Riley Financial began coverage on Bandwidth in a research report on Friday, January 23rd. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Wall Street Zen raised shares of Bandwidth from a “hold” rating to a “buy” rating in a research note on Saturday. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.60.

Bandwidth Trading Down 7.8%

The company’s 50 day moving average price is $15.38 and its two-hundred day moving average price is $15.14. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market capitalization of $506.63 million, a PE ratio of -37.53 and a beta of 2.03.

Insider Buying and Selling

In related news, CFO Daryl E. Raiford sold 17,026 shares of Bandwidth stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $15.47, for a total transaction of $263,392.22. Following the transaction, the chief financial officer owned 52,745 shares in the company, valued at approximately $815,965.15. This trade represents a 24.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Bandwidth

Institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its position in Bandwidth by 183.7% during the second quarter. Tower Research Capital LLC TRC now owns 3,776 shares of the company’s stock worth $60,000 after buying an additional 2,445 shares in the last quarter. State of Wyoming purchased a new position in Bandwidth during the third quarter worth about $71,000. Raymond James Financial Inc. purchased a new position in Bandwidth during the second quarter worth about $85,000. Harbor Capital Advisors Inc. raised its stake in Bandwidth by 30.3% during the third quarter. Harbor Capital Advisors Inc. now owns 7,509 shares of the company’s stock worth $125,000 after purchasing an additional 1,748 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Bandwidth during the second quarter worth about $128,000. Hedge funds and other institutional investors own 68.53% of the company’s stock.

Bandwidth Company Profile

Bandwidth Inc operates a cloud-based communications platform that provides voice, messaging and emergency services APIs for enterprises and developers. Through its proprietary network and software-as-a-service model, the company enables customers to integrate programmable voice calls, text messaging and 9-1-1 routing into their applications. Bandwidth’s solutions aim to reduce complexity and improve reliability in mission-critical communications, serving industries such as healthcare, financial services, on-demand mobility and customer engagement.

Founded in 1999 in Raleigh, North Carolina by co-founders David Morken and Henry Kaestner, Bandwidth initially focused on voice-over-IP infrastructure before evolving into a full communications API provider.