Weiss Ratings reaffirmed their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT - Free Report) in a research note released on Saturday morning,Weiss Ratings reports.
EGHT has been the topic of a number of other research reports. B. Riley restated a "buy" rating and issued a $3.00 price target (down previously from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Rosenblatt Securities restated a "buy" rating and issued a $2.50 price target on shares of 8X8 in a research report on Thursday, August 21st. Finally, Wall Street Zen downgraded shares of 8X8 from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, 8X8 currently has an average rating of "Hold" and a consensus price target of $2.49.
Get Our Latest Stock Report on 8X8
8X8 Trading Down 0.3%
Shares of NASDAQ EGHT traded down $0.01 during midday trading on Friday, reaching $1.97. The stock had a trading volume of 194,743 shares, compared to its average volume of 1,127,691. The firm has a market cap of $267.97 million, a price-to-earnings ratio of -12.28, a price-to-earnings-growth ratio of 2.12 and a beta of 1.87. 8X8 has a twelve month low of $1.52 and a twelve month high of $3.52. The company has a debt-to-equity ratio of 2.56, a quick ratio of 1.18 and a current ratio of 1.18. The company's 50 day moving average price is $1.95 and its 200 day moving average price is $1.96.
Insider Buying and Selling at 8X8
In other news, major shareholder Sylebra Capital Llc sold 200,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $1.84, for a total value of $368,000.00. Following the completion of the sale, the insider owned 13,885,649 shares in the company, valued at $25,549,594.16. This represents a 1.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Elizabeth Harriet Theophille sold 24,271 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $2.05, for a total transaction of $49,755.55. Following the completion of the sale, the director owned 187,293 shares of the company's stock, valued at approximately $383,950.65. This represents a 11.47% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 334,741 shares of company stock worth $615,895. Corporate insiders own 2.01% of the company's stock.
Institutional Trading of 8X8
Several institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming raised its holdings in shares of 8X8 by 34.2% in the second quarter. State of Wyoming now owns 341,923 shares of the company's stock valued at $670,000 after purchasing an additional 87,146 shares during the last quarter. Man Group plc raised its holdings in shares of 8X8 by 35.9% in the second quarter. Man Group plc now owns 102,950 shares of the company's stock valued at $202,000 after purchasing an additional 27,192 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of 8X8 in the second quarter valued at about $121,000. Bridgeway Capital Management LLC raised its holdings in shares of 8X8 by 150.0% in the second quarter. Bridgeway Capital Management LLC now owns 125,000 shares of the company's stock valued at $245,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Brevan Howard Capital Management LP raised its holdings in shares of 8X8 by 229.5% in the second quarter. Brevan Howard Capital Management LP now owns 128,753 shares of the company's stock valued at $252,000 after purchasing an additional 89,672 shares during the last quarter. Hedge funds and other institutional investors own 93.99% of the company's stock.
8X8 Company Profile
(
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8x8, 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.
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