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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on EGHT shares. Wells Fargo & Company boosted their price objective on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Morgan Stanley lifted their price target on shares of 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research report on Wednesday, December 18th. Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Barclays lifted their price objective on shares of 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a report on Tuesday, November 5th. Finally, StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, 8X8 currently has an average rating of “Hold” and a consensus price target of $2.87.

Institutional Investors Weigh In On 8X8

Hedge funds have recently made changes to their positions in the business. B. Riley Financial Inc. bought a new stake in shares of 8X8 in the 3rd quarter worth approximately $1,997,000. First Eagle Investment Management LLC increased its position in 8X8 by 105.1% in the second quarter. First Eagle Investment Management LLC now owns 1,125,123 shares of the company’s stock worth $2,498,000 after buying an additional 576,418 shares during the last quarter. Invenomic Capital Management LP raised its stake in shares of 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after buying an additional 524,580 shares during the period. FMR LLC lifted its position 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 buying an additional 314,441 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake 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 worth $6,085,000 after acquiring an additional 237,181 shares during the period. 93.99% of the stock is currently owned by institutional investors.

8X8 Stock Performance

NASDAQ:EGHT opened at $2.58 on Monday. 8X8 has a 52 week low of $1.51 and a 52 week high of $3.76. The firm has a 50-day moving average price of $2.84 and a two-hundred day moving average price of $2.42. 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 (NASDAQ:EGHT) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The company had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. 8X8 had a negative return on equity of 6.00% and a negative net margin of 9.68%. 8X8’s revenue was down 2.2% on a year-over-year basis. During the same period last year, the business posted $0.02 earnings per share. Analysts forecast that 8X8 will post 0.01 earnings per share for the current year.

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.