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

8×8 Inc (NASDAQ:EGHT) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totaling 3,777,663 shares, a growth of 25.2% from the March 15th total of 3,017,174 shares. Based on an average daily volume of 931,207 shares, the days-to-cover ratio is presently 4.1 days. Currently, 2.8% of the company’s stock are sold short.

8X8 Stock Up 4.1%

Shares of 8X8 stock traded up $0.08 during trading hours on Thursday, hitting $1.90. 415,080 shares of the company’s stock traded hands, compared to its average volume of 1,653,264. The stock has a 50 day simple moving average of $2.10 and a 200-day simple moving average of $1.99. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.06. The company has a market cap of $264.01 million, a PE ratio of -94.70, a PEG ratio of 1.30 and a beta of 1.81. 8X8 has a twelve month low of $1.52 and a twelve month high of $2.84.

Insider Buying and Selling

In other 8X8 news, insider Hunter Middleton sold 85,044 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total value of $212,610.00. Following the transaction, the insider directly owned 652,943 shares of the company’s stock, valued at $1,632,357.50. This trade represents a 11.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.01% of the stock is owned by company insiders.

Institutional Trading of 8X8

Large investors have recently modified their holdings of the business. Prelude Capital Management LLC acquired a new stake in shares of 8X8 during the third quarter valued at about $26,000. CIBC Bancorp USA Inc. acquired a new stake in shares of 8X8 during the third quarter valued at about $30,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of 8X8 during the third quarter valued at about $31,000. Abel Hall LLC acquired a new stake in shares of 8X8 during the fourth quarter valued at about $33,000. Finally, Brighton Jones LLC acquired a new stake in shares of 8X8 during the third quarter valued at about $34,000. 93.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on EGHT shares. Zacks Research lowered 8X8 from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of 8X8 in a research report on Monday, December 29th. Finally, Rosenblatt Securities cut their price objective on 8X8 from $3.50 to $2.75 and set a “buy” rating on the stock in a research report on Thursday, February 5th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, 8X8 has an average rating of “Hold” and an average price target of $2.29.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.