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

8×8, Inc. (NASDAQ:EGHT) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 8,160,000 shares, a growth of 8.8% from the November 30th total of 7,500,000 shares. Based on an average daily volume of 865,100 shares, the short-interest ratio is currently 9.4 days.

Hedge Funds Weigh In On 8X8

Several institutional investors and hedge funds have recently made changes to their positions in EGHT. Invenomic Capital Management LP increased its holdings in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after acquiring an additional 524,580 shares in the last quarter. Geode Capital Management LLC grew its position in shares of 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares during the period. FMR LLC increased its stake in 8X8 by 24.5% during 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. Dimensional Fund Advisors LP raised its holdings in 8X8 by 10.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after buying an additional 145,606 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in 8X8 by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after buying an additional 23,731 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Rosenblatt Securities reduced their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Morgan Stanley upped their price target on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Wedbush upgraded 8X8 to a “hold” rating in a research report on Thursday, October 17th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company raised their target price on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, 8X8 has an average rating of “Hold” and an average price target of $2.87.

8X8 Price Performance

Shares of EGHT opened at $2.67 on Thursday. The stock has a market cap of $348.86 million, a P/E ratio of -4.85, a price-to-earnings-growth ratio of 26.98 and a beta of 1.63. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.80. The stock’s 50-day moving average price is $2.78 and its two-hundred day moving average price is $2.37. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 3.26.

8X8 (NASDAQ:EGHT) last released its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The business had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same quarter last year, the firm earned $0.02 EPS. 8X8’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities analysts predict that 8X8 will post 0.01 earnings per share for the current year.

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.