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

8×8 Inc (NASDAQ:EGHT) was the recipient of a significant growth in short interest during 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. Currently, 2.2% of the company’s stock are sold short. Based on an average trading volume of 1,358,224 shares, the days-to-cover ratio is presently 2.2 days. Based on an average trading volume of 1,358,224 shares, the days-to-cover ratio is presently 2.2 days. Currently, 2.2% of the company’s stock are sold short.

8X8 Stock Performance

Shares of 8X8 stock traded down $0.02 on Friday, reaching $2.09. The stock had a trading volume of 773,092 shares, compared to its average volume of 1,283,543. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.13 and a current ratio of 1.13. The business’s 50-day moving average price is $2.11 and its two-hundred day moving average price is $2.04. The stock has a market cap of $291.17 million, a P/E ratio of -104.45, a price-to-earnings-growth ratio of 1.44 and a beta of 1.74. 8X8 has a fifty-two week low of $1.52 and a fifty-two week high of $2.84.

Insider Buying and Selling

In other news, insider Hunter Middleton sold 85,044 shares of the stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total transaction of $212,610.00. Following the transaction, the insider owned 652,943 shares in the company, valued at $1,632,357.50. This represents a 11.52% decrease in their position. 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 corporate insiders.

Institutional Investors Weigh In On 8X8

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of 8X8 by 2.3% in the third quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock valued at $29,453,000 after purchasing an additional 317,196 shares during the last quarter. Boston Partners lifted its position in shares of 8X8 by 7.9% during the 3rd quarter. Boston Partners now owns 8,582,614 shares of the company’s stock worth $18,192,000 after purchasing an additional 625,479 shares during the last quarter. Bank of America Corp DE boosted its stake in 8X8 by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock valued at $13,217,000 after purchasing an additional 1,506,586 shares during the period. AQR Capital Management LLC grew its holdings in 8X8 by 14.9% in the 4th quarter. AQR Capital Management LLC now owns 3,408,703 shares of the company’s stock valued at $6,715,000 after buying an additional 441,157 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in 8X8 by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 3,310,912 shares of the company’s stock valued at $6,524,000 after buying an additional 23,300 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EGHT has been the subject of a number of recent research reports. Rosenblatt Securities decreased their price objective on shares of 8X8 from $3.50 to $2.75 and set a “buy” rating for the company in a report on Thursday, February 5th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of 8X8 in a research report on Monday, December 29th. Finally, Zacks Research raised 8X8 from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $2.23.

8X8 Company Profile

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.