Short Interest in 8×8 Inc (NASDAQ:EGHT) Increases By 28.3%

8×8 Inc (NASDAQ:EGHT) saw a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 2,955,673 shares, a growth of 28.3% from the February 12th total of 2,302,931 shares. Based on an average trading volume of 1,358,224 shares, the short-interest ratio is presently 2.2 days. Approximately 2.2% of the shares of the company are short sold. Approximately 2.2% of the shares of the company are short sold. Based on an average trading volume of 1,358,224 shares, the short-interest ratio is presently 2.2 days.

Insider Transactions at 8X8

In other 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 sale, the insider directly owned 652,943 shares of the company’s stock, valued at approximately $1,632,357.50. This trade represents a 11.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.01% of the stock is owned by company insiders.

Institutional Trading of 8X8

Institutional investors have recently modified their holdings of the company. Captrust Financial Advisors increased its position in shares of 8X8 by 18.2% during the fourth quarter. Captrust Financial Advisors now owns 28,162 shares of the company’s stock valued at $55,000 after purchasing an additional 4,334 shares during the period. IHT Wealth Management LLC lifted its position in 8X8 by 25.0% in the fourth quarter. IHT Wealth Management LLC now owns 25,000 shares of the company’s stock worth $49,000 after purchasing an additional 5,000 shares during the period. Man Group plc boosted its stake in 8X8 by 5.2% during the third quarter. Man Group plc now owns 108,337 shares of the company’s stock worth $230,000 after buying an additional 5,387 shares in the last quarter. Cetera Investment Advisers boosted its stake in 8X8 by 18.5% during the fourth quarter. Cetera Investment Advisers now owns 43,909 shares of the company’s stock worth $87,000 after buying an additional 6,859 shares in the last quarter. Finally, Mayflower Financial Advisors LLC increased its holdings in 8X8 by 2.0% in the 4th quarter. Mayflower Financial Advisors LLC now owns 389,123 shares of the company’s stock valued at $767,000 after buying an additional 7,659 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Stock Down 1.4%

NASDAQ EGHT opened at $2.06 on Tuesday. 8X8 has a twelve month low of $1.52 and a twelve month high of $2.84. The stock has a market cap of $287.00 million, a PE ratio of -102.95, a PEG ratio of 1.44 and a beta of 1.74. The firm has a 50-day simple moving average of $2.11 and a 200 day simple moving average of $2.04. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.13 and a current ratio of 1.13.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Zacks Research upgraded 8X8 from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 6th. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Finally, Rosenblatt Securities reduced their price objective on 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a research report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.23.

About 8X8

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.