8×8, Inc. (NYSE:EGHT – Get Rating) saw a large increase in short interest in December. As of December 30th, there was short interest totalling 17,450,000 shares, an increase of 8.3% from the December 15th total of 16,120,000 shares. Based on an average daily volume of 2,150,000 shares, the short-interest ratio is currently 8.1 days. Approximately 16.4% of the company’s stock are short sold.
Institutional Investors Weigh In On 8X8
Hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors lifted its holdings in shares of 8X8 by 832.8% during the first quarter. Captrust Financial Advisors now owns 2,985 shares of the technology company’s stock valued at $38,000 after purchasing an additional 2,665 shares during the last quarter. US Bancorp DE lifted its stake in 8X8 by 228.4% in the 2nd quarter. US Bancorp DE now owns 5,733 shares of the technology company’s stock worth $30,000 after acquiring an additional 3,987 shares in the last quarter. Coldstream Capital Management Inc. purchased a new stake in 8X8 in the 4th quarter worth about $44,000. KBC Group NV purchased a new stake in 8X8 in the 2nd quarter worth about $55,000. Finally, XTX Topco Ltd purchased a new stake in 8X8 in the 1st quarter worth about $138,000. 94.22% of the stock is owned by hedge funds and other institutional investors.
8X8 Trading Up 5.1 %
Shares of NYSE:EGHT traded up $0.24 on Tuesday, hitting $4.95. The company’s stock had a trading volume of 615,436 shares, compared to its average volume of 993,862. 8X8 has a 12 month low of $2.87 and a 12 month high of $16.20. The company’s 50-day moving average price is $4.41. The company has a debt-to-equity ratio of 6.09, a quick ratio of 1.56 and a current ratio of 1.56.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the company. Northland Securities dropped their price target on 8X8 to $8.00 in a research report on Tuesday, November 1st. Morgan Stanley upped their price target on 8X8 from $4.00 to $4.50 and gave the company an “equal weight” rating in a research report on Wednesday, December 14th. Wells Fargo & Company lowered their price objective on 8X8 from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Friday, October 28th. Barclays lowered their price objective on 8X8 from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, October 28th. Finally, Needham & Company LLC lowered their price objective on 8X8 from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, October 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $7.15.
8X8 Company Profile
8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.
- Get a free copy of the StockNews.com research report on 8X8 (EGHT)
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