8X8 (NASDAQ:EGHT) Earns “Sell (D-)” Rating from Weiss Ratings

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

A number of other analysts also recently commented on EGHT. Barclays upped their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Wells Fargo & Company lifted their price objective on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. B. Riley reiterated a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Morgan Stanley raised their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Finally, Mizuho downgraded 8X8 from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, 8X8 presently has an average rating of “Hold” and an average price target of $2.87.

8X8 Trading Down 2.3 %

NASDAQ EGHT traded down $0.06 during mid-day trading on Friday, reaching $2.58. 778,602 shares of the stock were exchanged, compared to its average volume of 588,086. The stock has a market capitalization of $337.10 million, a PE ratio of -4.69, a PEG ratio of 22.25 and a beta of 1.66. 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. The business’s fifty day simple moving average is $2.84 and its 200 day simple moving average is $2.42.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The business had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 earnings per share. On average, research analysts anticipate that 8X8 will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On 8X8

A number of large investors have recently bought and sold shares of the business. B. Riley Financial Inc. acquired a new stake in 8X8 in the third quarter worth $1,997,000. Invenomic Capital Management LP increased its holdings in shares of 8X8 by 10.5% in the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after acquiring an additional 524,580 shares during the period. FMR LLC lifted its position in 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after purchasing an additional 314,441 shares during the last quarter. Geode Capital Management LLC boosted its stake in 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 during the period. Finally, Susquehanna Fundamental Investments LLC grew its position in 8X8 by 62.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 439,230 shares of the company’s stock worth $975,000 after purchasing an additional 168,057 shares during the last quarter. 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.