Weiss Ratings Reaffirms “Sell (D-)” Rating for 8X8 (NASDAQ:EGHT)

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reissued by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Several other research firms have also commented on EGHT. StockNews.com lowered 8X8 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 5th. B. Riley reissued a “buy” rating and issued a $4.00 target price (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Mizuho lowered 8X8 from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $2.75 to $2.50 in a report on Friday, December 13th. Needham & Company LLC increased their target price on 8X8 from $3.00 to $3.50 and gave the company a “buy” rating in a report on Wednesday, February 5th. Finally, Barclays increased their target price on 8X8 from $2.50 to $3.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, 8X8 presently has an average rating of “Hold” and an average target price of $2.99.

8X8 Stock Down 4.7 %

Shares of NASDAQ EGHT opened at $2.83 on Wednesday. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.52. The business’s 50 day moving average is $2.78 and its two-hundred day moving average is $2.44. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The firm has a market cap of $372.68 million, a price-to-earnings ratio of -7.86, a PEG ratio of 6.65 and a beta of 1.66.

8X8 (NASDAQ:EGHT) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. 8X8 had a negative return on equity of 1.45% and a negative net margin of 6.33%. Research analysts predict that 8X8 will post 0.04 EPS for the current year.

Insider Buying and Selling

In related news, insider Laurence Denny sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.00, for a total transaction of $30,000.00. Following the sale, the insider now owns 233,791 shares in the company, valued at approximately $701,373. This trade represents a 4.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 12,980 shares of company stock worth $38,817. 1.22% of the stock is owned by insiders.

Hedge Funds Weigh In On 8X8

A number of hedge funds have recently made changes to their positions in EGHT. B. Riley Financial Inc. acquired a new position in shares of 8X8 in the 3rd quarter valued at $1,997,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of 8X8 during the 4th quarter valued at $2,126,000. Invenomic Capital Management LP lifted its holdings in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock valued at $11,278,000 after acquiring an additional 524,580 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of 8X8 by 1,101.0% during the 4th quarter. Renaissance Technologies LLC now owns 440,777 shares of the company’s stock valued at $1,177,000 after acquiring an additional 404,077 shares in the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of 8X8 by 39.2% during the 4th quarter. Two Sigma Advisers LP now owns 1,218,758 shares of the company’s stock valued at $3,254,000 after acquiring an additional 343,400 shares in the last quarter. Institutional investors and hedge funds own 93.99% of the company’s stock.

8X8 Company Profile

8×8, 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.