8×8, Inc. (NASDAQ:EGHT) Short Interest Update

8×8, Inc. (NASDAQ:EGHT) was the recipient of a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 7,680,000 shares, a decline of 5.9% from the December 15th total of 8,160,000 shares. Based on an average daily trading volume, of 828,400 shares, the short-interest ratio is currently 9.3 days.

Analyst Ratings Changes

Several research firms have recently weighed in on EGHT. Morgan Stanley increased their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research report on Wednesday, December 18th. Rosenblatt Securities cut their price target on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Wells Fargo & Company upped their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Finally, B. Riley reaffirmed a “buy” rating and issued a $4.00 target price (down from $7.00) on shares of 8X8 in a research report on Thursday, October 24th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $2.87.

Institutional Trading of 8X8

A number of institutional investors have recently modified their holdings of the business. B. Riley Financial Inc. bought a new position in 8X8 in the 3rd quarter valued at $1,997,000. First Eagle Investment Management LLC raised its position in shares of 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after buying an additional 576,418 shares in the last quarter. Invenomic Capital Management LP boosted its stake in 8X8 by 10.5% during the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares during the period. FMR LLC grew its position in 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after acquiring an additional 237,181 shares during the last quarter. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Stock Performance

EGHT stock traded down $0.06 during mid-day trading on Friday, hitting $2.58. The company had a trading volume of 778,602 shares, compared to its average volume of 588,086. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.76. The stock’s fifty day moving average price is $2.84 and its two-hundred day moving average price is $2.42. The firm has a market cap of $337.10 million, a PE ratio of -4.69, a price-to-earnings-growth ratio of 22.25 and a beta of 1.66. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. 8X8’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.02 earnings per share. On average, analysts forecast that 8X8 will post 0.01 earnings per share for the current fiscal year.

8X8 Company Profile

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.