8×8, Inc. (NASDAQ:EGHT) Short Interest Down 5.9% in December

8×8, Inc. (NASDAQ:EGHT) was the recipient of a large drop in short interest in December. As of December 31st, there was short interest totalling 7,680,000 shares, a drop 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 days-to-cover ratio is currently 9.3 days.

Institutional Trading of 8X8

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. B. Riley Financial Inc. bought a new position in 8X8 in the 3rd quarter valued at approximately $1,997,000. First Eagle Investment Management LLC grew its stake 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 purchasing an additional 576,418 shares during the period. Invenomic Capital Management LP increased its holdings 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 last quarter. FMR LLC increased its stake in shares of 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of 8X8 by 8.6% in the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after buying an additional 237,181 shares during the period. 93.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on EGHT. Mizuho cut 8X8 from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Barclays increased their target price on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Morgan Stanley upped their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Finally, Wedbush raised 8X8 to a “hold” rating in a research note on Thursday, October 17th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, 8X8 presently has an average rating of “Hold” and an average target price of $2.87.

8X8 Stock Down 2.3 %

Shares of NASDAQ EGHT traded down $0.06 on Friday, reaching $2.58. 778,602 shares of the company’s stock traded hands, compared to its average volume of 588,086. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26. The business’s 50 day simple moving average is $2.84 and its two-hundred day simple moving average is $2.42. 8X8 has a 12 month low of $1.51 and a 12 month high of $3.76. The company has a market cap of $337.10 million, a price-to-earnings ratio of -4.69, a price-to-earnings-growth ratio of 22.25 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last released its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that 8X8 will post 0.01 EPS 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.