Weiss Ratings Reiterates Sell (D-) Rating for 8X8 (NASDAQ:EGHT)

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reissued by Weiss Ratings in a research note issued on Saturday,Weiss Ratings reports.

A number of other research firms have also issued reports on EGHT. B. Riley reaffirmed a “buy” rating and set a $4.00 target price (down from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Morgan Stanley lifted their price objective on shares of 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. 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 report on Monday, October 28th. Finally, Wells Fargo & Company increased their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research report on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, 8X8 presently has a consensus rating of “Hold” and a consensus price target of $2.87.

8X8 Price Performance

EGHT stock traded down $0.06 during trading on Friday, hitting $2.58. The company had a trading volume of 778,602 shares, compared to its average volume of 588,086. The business has a 50 day moving average of $2.84 and a 200 day moving average of $2.42. The firm has a market capitalization of $337.10 million, a price-to-earnings ratio of -4.69, a P/E/G ratio of 22.25 and a beta of 1.66. 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 has a fifty-two week low of $1.51 and a fifty-two week high of $3.76.

8X8 (NASDAQ:EGHT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $181.00 million during the quarter, compared to analyst estimates of $178.38 million. During the same period in the prior year, the business posted $0.02 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, research analysts predict that 8X8 will post 0.01 earnings per share for the current year.

Institutional Trading of 8X8

Several institutional investors have recently made changes to their positions in EGHT. B. Riley Financial Inc. acquired a new stake in shares of 8X8 during the 3rd quarter valued at $1,997,000. Geode Capital Management LLC raised its holdings in shares of 8X8 by 8.6% during 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 in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of 8X8 by 8.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock valued at $302,000 after purchasing an additional 11,287 shares during the last quarter. FMR LLC increased its holdings in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after acquiring an additional 314,441 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in shares of 8X8 by 178.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after acquiring an additional 60,316 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors and hedge funds.

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.