Short Interest in 8×8, Inc. (NASDAQ:EGHT) Drops By 5.9%

8×8, Inc. (NASDAQ:EGHT) saw a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 7,680,000 shares, a decline of 5.9% from the December 15th total of 8,160,000 shares. Based on an average daily volume of 828,400 shares, the short-interest ratio is presently 9.3 days.

8X8 Price Performance

EGHT stock opened at $2.58 on Monday. The company’s 50 day moving average is $2.84 and its 200 day moving average is $2.42. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. 8X8 has a 1-year low of $1.51 and a 1-year high of $3.76.

8X8 (NASDAQ:EGHT) last issued its quarterly 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. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The firm had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same quarter in the prior year, the firm earned $0.02 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. Analysts expect that 8X8 will post 0.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on EGHT shares. B. Riley reissued a “buy” rating and set a $4.00 target price (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $2.75 to $2.50 in a research note on Friday, December 13th. Morgan Stanley raised their target price on 8X8 from $2.00 to $2.60 and gave the stock an “underweight” rating in a research note on Wednesday, December 18th. StockNews.com upgraded 8X8 from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Rosenblatt Securities lowered their price target on shares of 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a report on Monday, October 28th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $2.87.

Institutional Investors Weigh In On 8X8

A number of large investors have recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC purchased a new position in shares of 8X8 during the fourth quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of 8X8 during the 3rd quarter valued at $30,000. Virtu Financial LLC purchased a new position in 8X8 in the 3rd quarter worth $36,000. Sei Investments Co. purchased a new position in 8X8 in the 2nd quarter worth $44,000. Finally, XTX Topco Ltd bought a new stake in 8X8 in the second quarter worth $49,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

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.