Crexendo, Inc. (NASDAQ:CXDO) Sees Significant Growth in Short Interest

Crexendo, Inc. (NASDAQ:CXDO) saw a large growth in short interest in February. As of February 28th, there was short interest totalling 212,000 shares, a growth of 19.0% from the February 13th total of 178,100 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average daily volume of 175,600 shares, the short-interest ratio is currently 1.2 days.

Crexendo Trading Down 1.2 %

NASDAQ CXDO traded down $0.07 on Wednesday, hitting $5.73. 115,579 shares of the company’s stock traded hands, compared to its average volume of 151,262. Crexendo has a 1-year low of $2.92 and a 1-year high of $7.34. The firm’s 50-day moving average price is $5.94 and its two-hundred day moving average price is $5.43. The firm has a market capitalization of $159.96 million, a PE ratio of 191.16 and a beta of 1.15.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CXDO. D. Boral Capital lifted their price objective on shares of Crexendo from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, March 6th. B. Riley restated a “buy” rating and set a $7.50 price objective (up from $6.75) on shares of Crexendo in a research note on Wednesday, March 5th.

Insider Buying and Selling

In related news, CTO David Tzat-Kin Wang sold 229,476 shares of Crexendo stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $5.50, for a total value of $1,262,118.00. Following the completion of the sale, the chief technology officer now directly owns 445,995 shares in the company, valued at $2,452,972.50. This trade represents a 33.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Douglas Walter Gaylor sold 10,000 shares of Crexendo stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $6.27, for a total transaction of $62,700.00. Following the completion of the sale, the chief operating officer now owns 230,007 shares of the company’s stock, valued at $1,442,143.89. This trade represents a 4.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,476 shares of company stock worth $1,384,818 in the last three months. Corporate insiders own 56.20% of the company’s stock.

Hedge Funds Weigh In On Crexendo

Large investors have recently made changes to their positions in the company. Barclays PLC acquired a new position in shares of Crexendo in the 3rd quarter valued at $109,000. Geode Capital Management LLC lifted its stake in shares of Crexendo by 18.4% in the 3rd quarter. Geode Capital Management LLC now owns 140,193 shares of the company’s stock valued at $651,000 after purchasing an additional 21,739 shares during the period. GSA Capital Partners LLP lifted its stake in shares of Crexendo by 41.2% in the 3rd quarter. GSA Capital Partners LLP now owns 17,598 shares of the company’s stock valued at $82,000 after purchasing an additional 5,139 shares during the period. ARS Investment Partners LLC acquired a new position in shares of Crexendo in the 4th quarter valued at $243,000. Finally, NewEdge Advisors LLC lifted its stake in shares of Crexendo by 265.3% in the 4th quarter. NewEdge Advisors LLC now owns 57,858 shares of the company’s stock valued at $303,000 after purchasing an additional 42,020 shares during the period. 9.53% of the stock is currently owned by institutional investors and hedge funds.

About Crexendo

Crexendo, Inc provides cloud communication platform and services, video collaboration, and managed IT services for businesses in the United States and internationally. It operates through two segments, Cloud Telecommunications Services and Software Solutions. The Cloud Telecommunications segment provides telecommunications services that transmit calls using Internet protocol (IP) or cloud technology, which converts voice signals into digital data packets for transmission over the Internet or cloud; and broadband Internet services, as well as develops end user portals for account and license management, and billing and customer support.