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

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

Crexendo Price Performance

NASDAQ CXDO opened at $4.87 on Tuesday. Crexendo has a 12 month low of $2.92 and a 12 month high of $7.34. The company has a market capitalization of $135.88 million, a P/E ratio of 162.39 and a beta of 1.15. The company’s 50 day simple moving average is $5.97 and its 200 day simple moving average is $5.48.

Insider Buying and Selling at Crexendo

In related news, CEO Jeffrey G. Korn sold 10,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $6.00, for a total value of $60,000.00. Following the completion of the sale, the chief executive officer now owns 243,384 shares of the company’s stock, valued at $1,460,304. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO David Tzat-Kin Wang sold 229,476 shares of the firm’s stock in a transaction dated 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 transaction, the chief technology officer now directly owns 445,995 shares in the company, valued at approximately $2,452,972.50. The trade was a 33.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 249,476 shares of company stock worth $1,384,818. 56.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crexendo

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE boosted its position in shares of Crexendo by 71.7% in the 4th quarter. Bank of America Corp DE now owns 6,174 shares of the company’s stock valued at $32,000 after purchasing an additional 2,578 shares during the period. Creative Financial Designs Inc. ADV purchased a new stake in Crexendo during the fourth quarter valued at about $44,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Crexendo in the fourth quarter worth about $69,000. Walleye Capital LLC purchased a new position in shares of Crexendo in the fourth quarter worth approximately $69,000. Finally, Northern Trust Corp raised its holdings in shares of Crexendo by 44.8% during the fourth quarter. Northern Trust Corp now owns 19,680 shares of the company’s stock valued at $103,000 after acquiring an additional 6,085 shares during the period. Institutional investors and hedge funds own 9.53% of the company’s stock.

Analyst Ratings Changes

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

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.