8×8, Inc. (NASDAQ:EGHT) Sees Large Growth in Short Interest

8×8, Inc. (NASDAQ:EGHT) was the target of a significant 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 days-to-cover ratio is presently 9.4 days.

8X8 Price Performance

Shares of NASDAQ:EGHT traded down $0.05 during trading on Wednesday, hitting $2.67. 459,615 shares of the stock were exchanged, compared to its average volume of 1,147,912. 8X8 has a 12-month low of $1.51 and a 12-month high of $3.80. The company has a market cap of $348.86 million, a PE ratio of -4.85, a P/E/G ratio of 26.98 and a beta of 1.63. The company has a fifty day moving average price of $2.78 and a two-hundred day moving average price of $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 posted its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $181.00 million for the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. 8X8’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 earnings per share. On average, analysts forecast that 8X8 will post 0.01 EPS for the current year.

Hedge Funds Weigh In On 8X8

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in 8X8 by 10.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 558,234 shares of the company’s stock valued at $1,239,000 after buying an additional 52,371 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in 8X8 by 2,383.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,518 shares of the company’s stock valued at $108,000 after purchasing an additional 46,564 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in 8X8 by 12.7% in the 2nd quarter. Principal Financial Group Inc. now owns 186,604 shares of the company’s stock valued at $414,000 after purchasing an additional 21,087 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of 8X8 by 21.6% during the 2nd quarter. American Century Companies Inc. now owns 154,009 shares of the company’s stock worth $342,000 after purchasing an additional 27,306 shares during the last quarter. Finally, Wealthspire Advisors LLC purchased a new stake in shares of 8X8 during the second quarter worth about $240,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on EGHT. Rosenblatt Securities reduced their target price on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a research note on Monday, October 28th. Wells Fargo & Company raised their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. StockNews.com raised 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Barclays increased their target price on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Finally, Wedbush upgraded 8X8 to a “hold” rating in a research note on Thursday, October 17th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.87.

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.