eGain (NASDAQ:EGAN) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• eGain Corporation shares surpassed their 200-day moving average of $5.56, reaching a trading high of $6.62 before closing at $6.30.
• Wall Street analysts have downgraded eGain's stock from a "buy" to a "hold" rating, with the average rating classified as a "Moderate Buy" and a consensus target price set at $8.50.
• Hedge funds have recently increased their positions in eGain, with significant stakes acquired by multiple firms, indicating growing institutional interest in the company.

eGain Corporation (NASDAQ:EGAN - Get Free Report) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $5.56 and traded as high as $6.62. eGain shares last traded at $6.30, with a volume of 27,975 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of eGain from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, eGain presently has a consensus rating of "Moderate Buy" and a consensus target price of $8.50.

eGain Price Performance

The business's 50 day simple moving average is $6.32 and its 200 day simple moving average is $5.56. The company has a market capitalization of $173.13 million, a PE ratio of 70.33 and a beta of 0.30.

Hedge Funds Weigh In On eGain

A number of institutional investors have recently bought and sold shares of EGAN. Wells Fargo & Company MN raised its stake in eGain by 36.8% during the fourth quarter. Wells Fargo & Company MN now owns 8,173 shares of the technology company's stock worth $51,000 after purchasing an additional 2,197 shares during the period. Dimensional Fund Advisors LP raised its stake in eGain by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 690,317 shares of the technology company's stock worth $4,300,000 after purchasing an additional 1,820 shares during the period. Bank of America Corp DE raised its stake in eGain by 8.9% during the fourth quarter. Bank of America Corp DE now owns 30,886 shares of the technology company's stock worth $192,000 after purchasing an additional 2,525 shares during the period. Occudo Quantitative Strategies LP purchased a new position in eGain during the fourth quarter worth about $71,000. Finally, Mackenzie Financial Corp raised its stake in eGain by 263.0% during the fourth quarter. Mackenzie Financial Corp now owns 90,688 shares of the technology company's stock worth $565,000 after purchasing an additional 65,708 shares during the period. 53.94% of the stock is owned by hedge funds and other institutional investors.

About eGain

eGain Corporation develops, licenses, implements, and supports customer service infrastructure software solutions in North America, Europe, the Middle East, Africa, and the Asia Pacific. It provides eGain Knowledge Hub, which helps businesses to centralize knowledge, policies, procedures, situational expertise, best-practices, while delivering guided, and personalized solutions to customers and agents; eGain Conversation Hub for digital-first, omnichannel interaction management within a modern, purpose-built desktop; and eGain Analytics Hub enables clients to measure, manage, and optimize omnichannel service operations and knowledge.