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

8×8, Inc. (NASDAQ:EGHT) saw a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 15,350,000 shares, an increase of 10.0% from the May 31st total of 13,950,000 shares. Based on an average daily trading volume, of 1,100,000 shares, the short-interest ratio is presently 14.0 days.

8X8 Price Performance

EGHT stock opened at $2.22 on Tuesday. 8X8 has a twelve month low of $1.85 and a twelve month high of $4.88. The company has a market cap of $278.34 million, a PE ratio of -4.04 and a beta of 1.57. The business’s 50-day simple moving average is $2.43 and its 200 day simple moving average is $2.81. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 4.02.

8X8 (NASDAQ:EGHT) last released its earnings results on Wednesday, May 8th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The business had revenue of $179.41 million for the quarter, compared to the consensus estimate of $178.85 million. During the same period last year, the business earned ($0.03) earnings per share. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, research analysts anticipate that 8X8 will post -0.09 earnings per share for the current year.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently added to or reduced their stakes in EGHT. Sylebra Capital LLC acquired a new stake in 8X8 during the third quarter valued at approximately $36,261,000. Boston Partners boosted its holdings in 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after purchasing an additional 3,073,230 shares in the last quarter. Kent Lake Capital LLC acquired a new stake in 8X8 during the fourth quarter valued at approximately $10,395,000. Acadian Asset Management LLC boosted its holdings in 8X8 by 188.7% during the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock valued at $5,283,000 after purchasing an additional 1,279,145 shares in the last quarter. Finally, Invenomic Capital Management LP boosted its holdings in 8X8 by 91.1% during the fourth quarter. Invenomic Capital Management LP now owns 2,077,777 shares of the company’s stock valued at $7,854,000 after purchasing an additional 990,352 shares in the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on EGHT shares. 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 report on Friday, June 21st. StockNews.com lowered 8X8 from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.50 target price on shares of 8X8 in a research report on Monday, May 20th. Rosenblatt Securities reissued a “buy” rating and set a $4.00 price objective on shares of 8X8 in a research report on Monday, March 18th. Finally, Morgan Stanley lowered 8X8 from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $3.00 to $2.00 in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.11.

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.