Short Interest in 8×8, Inc. (NASDAQ:EGHT) Grows By 10.0%

8×8, Inc. (NASDAQ:EGHT) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 15,350,000 shares, a growth of 10.0% from the May 31st total of 13,950,000 shares. Based on an average daily volume of 1,100,000 shares, the short-interest ratio is presently 14.0 days.

8X8 Trading Down 0.9 %

NASDAQ EGHT traded down $0.02 on Wednesday, hitting $2.25. 176,260 shares of the stock were exchanged, compared to its average volume of 1,335,892. The company has a market capitalization of $282.11 million, a price-to-earnings ratio of -4.15 and a beta of 1.57. The company’s 50-day moving average price is $2.43 and its two-hundred day moving average price is $2.79. The company has a debt-to-equity ratio of 4.02, a current ratio of 1.44 and a quick ratio of 1.44. 8X8 has a 52-week low of $1.85 and a 52-week high of $4.88.

8X8 (NASDAQ:EGHT) last released 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. 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The firm had revenue of $179.41 million for the quarter, compared to the consensus estimate of $178.85 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. The firm’s revenue was down 2.8% on a year-over-year basis. Research analysts predict that 8X8 will post -0.09 EPS for the current year.

Institutional Trading of 8X8

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a report on Friday, June 21st. Morgan Stanley lowered shares of 8X8 from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $3.00 to $2.00 in a research note on Friday, June 14th. Needham & Company LLC restated a “buy” rating and issued a $3.50 target price on shares of 8X8 in a research note on Monday, May 20th. StockNews.com lowered shares of 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 target price on shares of 8X8 in a research report on Monday, March 18th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price 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.