Short Interest in 8×8, Inc. (NASDAQ:EGHT) Drops By 5.9%

8×8, Inc. (NASDAQ:EGHT) was the recipient of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 7,680,000 shares, a decrease of 5.9% from the December 15th total of 8,160,000 shares. Based on an average daily trading volume, of 828,400 shares, the days-to-cover ratio is presently 9.3 days.

8X8 Price Performance

NASDAQ EGHT opened at $2.58 on Friday. The stock’s 50 day simple moving average is $2.84 and its 200 day simple moving average is $2.41. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. 8X8 has a one year low of $1.51 and a one year high of $3.76.

8X8 (NASDAQ:EGHT) last announced its earnings results on Monday, November 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company had revenue of $181.00 million during the quarter, compared to the consensus estimate of $178.38 million. During the same period in the previous year, the firm posted $0.02 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. Sell-side analysts anticipate that 8X8 will post 0.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on EGHT shares. Barclays increased their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. StockNews.com raised shares of 8X8 from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Wells Fargo & Company raised their target price on 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a report on Tuesday, November 5th. Rosenblatt Securities cut their price objective on 8X8 from $4.00 to $3.50 and set a “buy” rating on the stock in a research note on Monday, October 28th. Finally, Mizuho downgraded shares of 8X8 from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $2.75 to $2.50 in a report on Friday, December 13th. Three analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, 8X8 currently has an average rating of “Hold” and an average target price of $2.87.

Hedge Funds Weigh In On 8X8

Large investors have recently made changes to their positions in the company. Invenomic Capital Management LP increased its position in 8X8 by 10.5% in the third quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares during the period. Geode Capital Management LLC grew its position in shares of 8X8 by 8.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock worth $6,085,000 after buying an additional 237,181 shares during the period. FMR LLC grew its position in shares of 8X8 by 24.5% during the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after buying an additional 314,441 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of 8X8 by 10.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,484,108 shares of the company’s stock worth $3,294,000 after buying an additional 145,606 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in 8X8 by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,338,701 shares of the company’s stock valued at $2,731,000 after buying an additional 23,731 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

About 8X8

8×8, Inc provides voice, video, chat, contact center, and enterprise-class application programmable interface (API) Software-as-a-Service solutions for small business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.