BoNY Mellon takes new $6.71M stake in Bandwidth
What's the deal? Bank of New York Mellon CorpDealroom has a profile for this one. Try Dealroom → acquired a new position in Bandwidth Inc. (NASDAQ:BAND), buying 106,024 shares worth roughly $6.71 million in the second quarter. The move was disclosed in the bank's latest Form 13F filing with the Securities and Exchange Commission.
What does Bandwidth do? The company provides communications software and services, and is currently unprofitable, with a price-to-earnings ratio of -162.38. Its market cap stands at $1.52 billion.
Who else is buying? Several other funds adjusted their holdings in the quarter. Tower Research CapitalDealroom has a profile for this one. Try Dealroom → grew its stake by 183.7% to 3,776 shares, while Raymond JamesDealroom has a profile for this one. Try Dealroom →, Quantbot TechnologiesDealroom has a profile for this one. Try Dealroom →, and Brevan HowardDealroom has a profile for this one. Try Dealroom → opened new positions valued at $85,000, $128,000, and $174,000 respectively.
Insider activity: Insiders sold 23,550 shares worth $1,154,782 in the last quarter. Chief financial officer Daryl E. Raiford sold 4,673 shares at $49.15 each on August 31, cutting his position by 11.54%.
The market view: Analysts rate the stock a "Moderate Buy," with a consensus target price of $59.80. Five analysts assign a buy rating and three a hold; Citizens JMPDealroom has a profile for this one. Try Dealroom → lifted its target to $86 in July, while Piper SandlerDealroom has a profile for this one. Try Dealroom → set a $52 target with a neutral rating.
The signal: Hedge funds and institutional investors now own 68.53% of Bandwidth's stock. Their continued accumulation signals confidence in the communications firm even as it posts losses and trades well below its 52-week high of $79.08.
Read more: americanbankingnews.com
Image credit: Cory M. Grenier
