8×8, Inc. (NASDAQ:EGHT – Get Free Report) was the recipient of a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 12,240,000 shares, a decline of 11.9% from the July 15th total of 13,890,000 shares. Based on an average trading volume of 1,220,000 shares, the short-interest ratio is presently 10.0 days.
Institutional Investors Weigh In On 8X8
Several institutional investors have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC lifted its holdings in shares of 8X8 by 62.0% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock valued at $975,000 after buying an additional 168,057 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of 8X8 by 73.5% during the 2nd quarter. Mackenzie Financial Corp now owns 118,775 shares of the company’s stock valued at $264,000 after buying an additional 50,328 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of 8X8 during the 2nd quarter valued at about $44,000. XTX Topco Ltd acquired a new stake in shares of 8X8 during the 2nd quarter valued at about $49,000. Finally, First Eagle Investment Management LLC lifted its holdings in shares of 8X8 by 105.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock valued at $2,498,000 after buying an additional 576,418 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.
8X8 Stock Up 2.4 %
NASDAQ EGHT traded up $0.04 during trading on Monday, reaching $1.73. 585,222 shares of the company’s stock were exchanged, compared to its average volume of 1,323,845. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.92. The firm has a market capitalization of $216.90 million, a PE ratio of -3.15 and a beta of 1.56. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 4.02. The company’s fifty day simple moving average is $2.38 and its 200-day simple moving average is $2.53.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on the company. Morgan Stanley cut 8X8 from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $3.00 to $2.00 in a research note on Friday, June 14th. Wells Fargo & Company dropped their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research note on Friday, June 21st. Needham & Company LLC dropped their price target on 8X8 from $3.50 to $3.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. StockNews.com cut 8X8 from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Barclays dropped their price target on 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, 8X8 currently has a consensus rating of “Hold” and an average price target of $2.83.
View Our Latest Stock Report on 8X8
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.
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