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

Crexendo, Inc. (NASDAQ:CXDO) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 319,100 shares, an increase of 50.5% from the February 28th total of 212,000 shares. Currently, 2.6% of the shares of the company are sold short. Based on an average daily volume of 190,500 shares, the short-interest ratio is presently 1.7 days.

Insider Transactions at Crexendo

In related news, COO Douglas Walter Gaylor sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $6.27, for a total value of $62,700.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO David Tzat-Kin Wang sold 229,476 shares of the stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $5.50, for a total transaction of $1,262,118.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 249,476 shares of company stock valued at $1,384,818 in the last 90 days. 56.20% of the stock is currently owned by company insiders.

Institutional Trading of Crexendo

A number of hedge funds and other institutional investors have recently made changes to their positions in CXDO. Bank of America Corp DE lifted its stake in Crexendo by 71.7% in the fourth quarter. Bank of America Corp DE now owns 6,174 shares of the company’s stock valued at $32,000 after buying an additional 2,578 shares during the period. Creative Financial Designs Inc. ADV acquired a new position in Crexendo during the fourth quarter worth approximately $44,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Crexendo during the 4th quarter worth about $69,000. Walleye Capital LLC bought a new position in Crexendo during the 4th quarter worth $69,000. Finally, Northern Trust Corp grew its position in shares of Crexendo by 44.8% during the 4th quarter. Northern Trust Corp now owns 19,680 shares of the company’s stock worth $103,000 after purchasing an additional 6,085 shares in the last quarter. 9.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. B. Riley reiterated a “buy” rating and issued a $7.50 target price (up previously from $6.75) on shares of Crexendo in a report on Wednesday, March 5th. D. Boral Capital upped their price objective on Crexendo from $7.00 to $10.00 and gave the company a “buy” rating in a report on Thursday, March 6th.

Crexendo Stock Performance

Shares of NASDAQ:CXDO traded down $0.27 on Monday, hitting $4.86. 137,520 shares of the company were exchanged, compared to its average volume of 151,277. Crexendo has a one year low of $2.92 and a one year high of $7.34. The firm has a market capitalization of $135.46 million, a price-to-earnings ratio of 163.05 and a beta of 1.15. The company’s 50 day moving average price is $5.98 and its two-hundred day moving average price is $5.48.

Crexendo Company Profile

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.