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

Crexendo, Inc. (NASDAQ:CXDO) was the recipient of a significant increase in short interest during the month of 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. Based on an average daily volume of 190,500 shares, the short-interest ratio is presently 1.7 days. Currently, 2.6% of the company’s shares are short sold.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CXDO. Dimensional Fund Advisors LP grew its stake in shares of Crexendo by 65.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 217,648 shares of the company’s stock valued at $1,138,000 after purchasing an additional 86,162 shares during the last quarter. Integrated Quantitative Investments LLC purchased a new position in Crexendo in the 4th quarter valued at $304,000. Perkins Capital Management Inc. acquired a new position in Crexendo in the 4th quarter valued at $262,000. ARS Investment Partners LLC purchased a new position in Crexendo during the 4th quarter worth $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 worth $303,000 after acquiring an additional 42,020 shares during the period. 9.53% of the stock is currently owned by institutional investors and hedge funds.

Crexendo Stock Performance

CXDO stock traded down $0.29 during midday trading on Friday, reaching $5.12. 120,066 shares of the company were exchanged, compared to its average volume of 151,316. The company has a market cap of $142.85 million, a price-to-earnings ratio of 170.72 and a beta of 1.15. Crexendo has a 1-year low of $2.92 and a 1-year high of $7.34. The stock’s 50-day simple moving average is $5.98 and its 200 day simple moving average is $5.47.

Wall Street Analysts Forecast Growth

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

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.