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

Crexendo, Inc. (NASDAQ:CXDO - Get Free Report) saw a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 225,000 shares, a growth of 18.5% from the April 30th total of 189,800 shares. Approximately 1.8% of the shares of the company are sold short. Based on an average daily volume of 190,800 shares, the short-interest ratio is presently 1.2 days.

Crexendo Price Performance

CXDO stock traded up $0.19 during mid-day trading on Friday, reaching $5.70. 115,952 shares of the company traded hands, compared to its average volume of 161,330. The company has a market capitalization of $165.48 million, a P/E ratio of 190.06 and a beta of 1.12. Crexendo has a 52-week low of $2.92 and a 52-week high of $7.34. The company has a fifty day moving average price of $5.09 and a 200-day moving average price of $5.45.

Insider Transactions at Crexendo

In other news, CTO David Tzat-Kin Wang sold 392,610 shares of Crexendo stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $4.90, for a total transaction of $1,923,789.00. Following the sale, the chief technology officer now directly owns 445,995 shares in the company, valued at $2,185,375.50. The trade was a 46.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Douglas Walter Gaylor sold 10,000 shares of Crexendo stock in a transaction on Wednesday, March 12th. The stock was 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 in the company, valued at $1,442,143.89. The trade was a 4.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 642,086 shares of company stock worth $3,308,607 in the last ninety days. Company insiders own 56.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its holdings in Crexendo by 71.7% during the 4th 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 in the last quarter. Creative Financial Designs Inc. ADV purchased a new position in Crexendo during the 4th quarter valued at about $44,000. Detalus Advisors LLC purchased a new position in Crexendo during the 1st quarter valued at about $49,000. Algert Global LLC purchased a new position in Crexendo during the 1st quarter valued at about $61,000. Finally, Walleye Capital LLC purchased a new position in Crexendo during the 4th quarter valued at about $69,000. Hedge funds and other institutional investors own 9.53% of the company's stock.

Analyst Ratings Changes

CXDO has been the subject of several recent research reports. D. Boral Capital reissued a "buy" rating and issued a $10.00 price objective on shares of Crexendo in a report on Wednesday, May 7th. B. Riley reissued a "buy" rating and issued a $7.50 price objective (up previously from $6.75) on shares of Crexendo in a report on Wednesday, March 5th. Finally, Craig Hallum initiated coverage on Crexendo in a report on Monday, April 7th. They issued a "buy" rating and a $8.00 price objective for the company.

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.