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

8×8, Inc. (NASDAQ:EGHT) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 12,240,000 shares, a decline of 11.9% from the July 15th total of 13,890,000 shares. Based on an average trading volume of 1,220,000 shares, the days-to-cover ratio is presently 10.0 days.

Hedge Funds Weigh In On 8X8

Hedge funds and other institutional investors have recently modified their holdings of the company. Susquehanna Fundamental Investments LLC bought a new position in shares of 8X8 during the first quarter valued at about $732,000. Boston Partners raised its stake in shares of 8X8 by 473.2% during the first quarter. Boston Partners now owns 3,722,710 shares of the company’s stock valued at $10,029,000 after acquiring an additional 3,073,230 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of 8X8 by 5.2% during the first quarter. Vanguard Group Inc. now owns 11,448,865 shares of the company’s stock valued at $30,912,000 after acquiring an additional 561,436 shares during the last quarter. Acadian Asset Management LLC grew its holdings in 8X8 by 188.7% in the first quarter. Acadian Asset Management LLC now owns 1,957,145 shares of the company’s stock worth $5,283,000 after purchasing an additional 1,279,145 shares during the period. Finally, First Eagle Investment Management LLC purchased a new stake in 8X8 in the first quarter worth about $1,482,000. 93.99% of the stock is owned by institutional investors.

8X8 Price Performance

Shares of EGHT traded up $0.04 during mid-day trading on Monday, reaching $1.73. 585,222 shares of the stock traded hands, compared to its average volume of 1,323,845. The firm has a fifty day moving average price of $2.38 and a 200 day moving average price of $2.53. The company has a market cap of $216.90 million, a price-to-earnings ratio of -3.15 and a beta of 1.56. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 4.02. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.92.

8X8 (NASDAQ:EGHT) last announced its earnings results on Wednesday, August 7th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). 8X8 had a negative return on equity of 7.40% and a negative net margin of 9.28%. The company had revenue of $172.80 million during the quarter, compared to analysts’ expectations of $178.90 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The firm’s revenue was down 5.7% on a year-over-year basis. As a group, equities research analysts predict that 8X8 will post -0.07 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. StockNews.com cut shares of 8X8 from a “buy” rating to a “hold” rating in a report on Saturday. Rosenblatt Securities reissued a “buy” rating and set a $4.00 target price on shares of 8X8 in a report on Wednesday, August 7th. Morgan Stanley cut shares of 8X8 from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $3.00 to $2.00 in a report on Friday, June 14th. Barclays lowered their target price on shares of 8X8 from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Friday, August 9th. Finally, Needham & Company LLC reduced their price target on shares of 8X8 from $3.50 to $3.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.83.

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.