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

8×8, Inc. (NASDAQ:EGHT) saw a significant increase in short interest in 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 trading volume of 1,100,000 shares, the days-to-cover ratio is presently 14.0 days.

8X8 Trading Down 0.9 %

NASDAQ:EGHT opened at $2.25 on Thursday. The company has a market capitalization of $282.11 million, a PE ratio of -4.09 and a beta of 1.57. 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 has a 52-week low of $1.85 and a 52-week high of $4.88. The stock has a fifty day simple moving average of $2.43 and a 200-day simple moving average of $2.79.

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

Institutional Trading of 8X8

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EGHT. Dark Forest Capital Management LP purchased a new stake in 8X8 during the 3rd quarter worth about $43,000. Victory Capital Management Inc. increased its position in 8X8 by 36.9% during the 4th quarter. Victory Capital Management Inc. now owns 17,324 shares of the company’s stock worth $65,000 after purchasing an additional 4,670 shares in the last quarter. Tower Research Capital LLC TRC increased its position in 8X8 by 494.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 23,217 shares of the company’s stock worth $88,000 after purchasing an additional 19,310 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in 8X8 during the 1st quarter worth about $97,000. Finally, SG Americas Securities LLC grew its holdings in 8X8 by 47.5% in the 4th quarter. SG Americas Securities LLC now owns 28,186 shares of the company’s stock valued at $107,000 after buying an additional 9,074 shares during the period. Hedge funds and other institutional investors own 93.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EGHT. Needham & Company LLC reissued a “buy” rating and issued a $3.50 target price on shares of 8X8 in a report on Monday, May 20th. Wells Fargo & Company reduced their target price on 8X8 from $2.00 to $1.50 and set an “underweight” rating for the company in a report on Friday, June 21st. Morgan Stanley downgraded 8X8 from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $3.00 to $2.00 in a report on Friday, June 14th. StockNews.com downgraded 8X8 from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $4.00 price target on shares of 8X8 in a research note on Monday, March 18th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $3.11.

About 8X8

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.