Weiss Ratings Reiterates Sell (D-) Rating for 8X8 (NASDAQ:EGHT)

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reissued by analysts at Weiss Ratings in a note issued to investors on Saturday,Weiss Ratings reports.

Other analysts have also issued research reports about the company. Rosenblatt Securities cut their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Barclays raised their price objective on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, B. Riley reaffirmed a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $2.87.

8X8 Price Performance

Shares of EGHT stock opened at $2.58 on Friday. The firm has a fifty day moving average of $2.84 and a two-hundred day moving average of $2.42. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.76. The firm has a market cap of $337.10 million, a P/E ratio of -4.69, a P/E/G ratio of 22.25 and a beta of 1.66. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18.

8X8 (NASDAQ:EGHT) last released its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, research analysts anticipate that 8X8 will post 0.01 earnings per share for the current fiscal year.

Institutional Investors Weigh In On 8X8

A number of institutional investors have recently modified their holdings of the stock. Pallas Capital Advisors LLC acquired a new position in 8X8 in the fourth quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of 8X8 during the 3rd quarter worth $30,000. Virtu Financial LLC acquired a new position in shares of 8X8 during the 3rd quarter worth $36,000. Sei Investments Co. bought a new position in shares of 8X8 during the 2nd quarter valued at $44,000. Finally, XTX Topco Ltd acquired a new stake in shares of 8X8 in the 2nd quarter valued at $49,000. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.