8X8's (EGHT) "Sell (D-)" Rating Reaffirmed at Weiss Ratings

8X8 (NASDAQ:EGHT - Get Free Report)'s stock had its "sell (d-)" rating restated by Weiss Ratings in a report released on Saturday,Weiss Ratings reports.

Several other equities research analysts have also recently issued reports on EGHT. Rosenblatt Securities reaffirmed a "buy" rating and set a $2.70 price objective on shares of 8X8 in a research report on Tuesday, May 20th. B. Riley reaffirmed a "buy" rating and set a $3.00 price objective (down from $4.00) on shares of 8X8 in a research report on Wednesday, May 14th. Wells Fargo & Company decreased their price objective on shares of 8X8 from $2.00 to $1.50 and set an "underweight" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen raised shares of 8X8 from a "buy" rating to a "strong-buy" rating in a research report on Saturday, June 21st. Finally, Mizuho decreased their price objective on shares of 8X8 from $2.50 to $2.00 and set an "underperform" rating for the company in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, 8X8 currently has a consensus rating of "Hold" and an average price target of $2.51.

8X8 Stock Up 0.5%

Shares of NASDAQ:EGHT traded up $0.01 during trading on Friday, hitting $1.94. The company's stock had a trading volume of 679,345 shares, compared to its average volume of 1,222,174. The business has a 50 day moving average price of $1.83 and a two-hundred day moving average price of $2.17. The company has a market capitalization of $260.89 million, a PE ratio of -9.24 and a beta of 1.83. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.20 and a current ratio of 1.20. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52.

Insiders Place Their Bets

In other 8X8 news, major shareholder Sylebra Capital Llc sold 103,826 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $1.79, for a total transaction of $185,848.54. Following the completion of the sale, the insider directly owned 13,781,823 shares of the company's stock, valued at approximately $24,669,463.17. This trade represents a 0.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 312,470 shares of company stock worth $569,620. 2.01% of the stock is currently owned by company insiders.

Institutional Trading of 8X8

A number of hedge funds have recently added to or reduced their stakes in EGHT. National Bank of Canada FI acquired a new stake in 8X8 during the 1st quarter worth approximately $26,000. Diversified Trust Co acquired a new stake in shares of 8X8 in the 2nd quarter valued at approximately $28,000. Algert Global LLC acquired a new stake in shares of 8X8 in the 1st quarter valued at approximately $29,000. Picton Mahoney Asset Management lifted its holdings in shares of 8X8 by 53.6% in the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company's stock valued at $30,000 after buying an additional 3,876 shares during the period. Finally, Captrust Financial Advisors acquired a new stake in shares of 8X8 in the 4th quarter valued at approximately $30,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

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.