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

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

Insiders Place Their Bets

In other 8X8 news, insider Hunter Middleton sold 85,044 shares of 8X8 stock in a transaction that occurred 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 directly owned 652,943 shares in the company, valued at approximately $1,632,357.50. The trade was a 11.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.01% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of EGHT. Prelude Capital Management LLC acquired a new position in 8X8 in the 3rd quarter worth about $26,000. CIBC Bancorp USA Inc. acquired a new stake in shares of 8X8 during the 3rd quarter valued at about $30,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of 8X8 in the 3rd quarter valued at approximately $31,000. Abel Hall LLC acquired a new position in 8X8 in the fourth quarter worth approximately $33,000. Finally, Brighton Jones LLC acquired a new position in 8X8 in the third quarter worth approximately $34,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.

8X8 Stock Down 0.9%

EGHT stock traded down $0.02 during midday trading on Friday, reaching $2.09. The company had a trading volume of 773,092 shares, compared to its average volume of 1,283,543. The company has a 50 day moving average of $2.11 and a two-hundred day moving average of $2.04. The company has a market capitalization of $291.17 million, a P/E ratio of -104.45, a PEG ratio of 1.44 and a beta of 1.74. 8X8 has a 1 year low of $1.52 and a 1 year high of $2.84. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.06.

Analyst Upgrades and Downgrades

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

About 8X8

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.