8×8, Inc. (NYSE:EGHT) saw a large decrease in short interest in the month of May. As of May 15th, there was short interest totalling 21,030,000 shares, a decrease of 5.1% from the April 30th total of 22,150,000 shares. Currently, 21.3% of the company’s shares are sold short. Based on an average daily volume of 1,850,000 shares, the days-to-cover ratio is presently 11.4 days.
Shares of 8X8 stock opened at $15.84 on Friday. The business has a 50-day moving average of $16.50 and a 200-day moving average of $18.11. The company has a debt-to-equity ratio of 2.01, a current ratio of 2.25 and a quick ratio of 2.49. The company has a market capitalization of $1.57 billion, a PE ratio of -9.10 and a beta of 1.02. 8X8 has a 1-year low of $10.70 and a 1-year high of $26.67.
8X8 (NYSE:EGHT) last announced its earnings results on Tuesday, May 12th. The technology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.02. The company had revenue of $121.48 million during the quarter, compared to the consensus estimate of $119.33 million. 8X8 had a negative return on equity of 57.92% and a negative net margin of 38.63%. The company’s revenue was up 29.6% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. On average, equities analysts expect that 8X8 will post -1.01 earnings per share for the current fiscal year.
In other news, EVP Dejan Deklich sold 7,981 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $14.16, for a total transaction of $113,010.96. Following the completion of the sale, the executive vice president now directly owns 49,438 shares in the company, valued at approximately $700,042.08. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Steven Gatoff sold 2,062 shares of the company’s stock in a transaction on Friday, April 24th. The stock was sold at an average price of $16.65, for a total value of $34,332.30. Following the sale, the chief financial officer now owns 26,234 shares of the company’s stock, valued at $436,796.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,613 shares of company stock worth $190,134. Corporate insiders own 3.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Front Row Advisors LLC acquired a new stake in shares of 8X8 during the first quarter valued at about $26,000. NumerixS Investment Technologies Inc acquired a new stake in shares of 8X8 during the fourth quarter valued at about $35,000. Tower Research Capital LLC TRC grew its stake in shares of 8X8 by 1,690.5% during the first quarter. Tower Research Capital LLC TRC now owns 3,384 shares of the technology company’s stock valued at $47,000 after acquiring an additional 3,195 shares in the last quarter. Mutual of America Capital Management LLC lifted its position in shares of 8X8 by 24.1% during the first quarter. Mutual of America Capital Management LLC now owns 4,491 shares of the technology company’s stock worth $62,000 after purchasing an additional 871 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in shares of 8X8 by 786.1% during the first quarter. Nisa Investment Advisors LLC now owns 7,000 shares of the technology company’s stock worth $97,000 after purchasing an additional 6,210 shares during the last quarter. Institutional investors own 90.78% of the company’s stock.
8×8, Inc provides cloud-based, enterprise-class software solutions. The Company’s solutions are delivered through Software as a Service (SaaS) business model. Its segments include Americas and Europe. Its software platform brings together cloud, mobile, collaboration, video and data science technologies.
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