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Down 45% in 2021, This Cloud Stock Could Soon Start Soaring

TheMotleyFool

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Down 45% in 2021, This Cloud Stock Could Soon Start Soaring

Bandwidth (NASDAQ: BAND) was in strong form on the stock market last year as the demand for communications platform-as-a-service (CPaaS) solutions skyrocketed amid the novel coronavirus pandemic. Organizations lined up to purchase Bandwidth's offerings to enable connectivity with their remote workforces, triggering a sharp acceleration in the company's business.

However, 2021 has turned out to be a disappointing year for Bandwidth investors. The stock is trading close to its 52-week lows after losing nearly 45% of its value so far this year. But this steep decline doesn't seem to be justified as Bandwidth has maintained its terrific revenue growth this year.