Shares of Bandwidth Inc. (NASDAQ:BAND – Get Rating) traded down 7.8% during mid-day trading on Wednesday . The company traded as low as $21.70 and last traded at $21.85. 178,827 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 470,833 shares. The stock had previously closed at $23.71.
Analyst Ratings Changes
A number of equities analysts have issued reports on the stock. Citigroup raised their price objective on shares of Bandwidth from $14.00 to $17.00 in a research note on Wednesday, November 2nd. Piper Sandler lowered shares of Bandwidth from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $18.00 to $25.00 in a report on Tuesday, January 17th. KeyCorp raised their price objective on shares of Bandwidth from $21.00 to $29.00 and gave the stock an “overweight” rating in a report on Wednesday, January 18th. Canaccord Genuity Group dropped their price objective on shares of Bandwidth from $50.00 to $34.00 and set a “buy” rating on the stock in a report on Wednesday, November 2nd. Finally, Canaccord Genuity Group dropped their price objective on shares of Bandwidth from $50.00 to $34.00 in a report on Wednesday, November 2nd. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Bandwidth currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.64.
Bandwidth Stock Down 6.8 %
The company has a current ratio of 3.56, a quick ratio of 3.56 and a debt-to-equity ratio of 3.27. The firm’s 50 day simple moving average is $22.56 and its 200-day simple moving average is $17.85. The stock has a market capitalization of $559.66 million, a price-to-earnings ratio of -24.88 and a beta of 1.12.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its position in shares of Bandwidth by 36.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 2,946 shares of the company’s stock valued at $36,000 after acquiring an additional 792 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Bandwidth during the 1st quarter worth about $58,000. Moseley Investment Management Inc. bought a new stake in shares of Bandwidth during the 3rd quarter worth about $123,000. Ensign Peak Advisors Inc boosted its holdings in shares of Bandwidth by 25.6% during the 1st quarter. Ensign Peak Advisors Inc now owns 4,270 shares of the company’s stock worth $138,000 after buying an additional 870 shares during the period. Finally, Keebeck Alpha LP bought a new stake in shares of Bandwidth during the 3rd quarter worth about $139,000. Institutional investors own 71.12% of the company’s stock.
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.
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