8×8, Inc. (NASDAQ:EGHT) Short Interest Down 28.8% in May

8×8, Inc. (NASDAQ:EGHT) saw a large decrease in short interest in May. As of May 31st, there was short interest totalling 3,910,000 shares, a decrease of 28.8% from the May 15th total of 5,490,000 shares. Based on an average daily volume of 1,320,000 shares, the days-to-cover ratio is currently 3.0 days. Approximately 3.0% of the company’s stock are short sold.

8X8 Stock Performance

8X8 stock opened at $1.74 on Tuesday. 8X8 has a fifty-two week low of $1.51 and a fifty-two week high of $3.52. The stock’s 50 day simple moving average is $1.74 and its two-hundred day simple moving average is $2.30. The company has a debt-to-equity ratio of 3.08, a quick ratio of 1.24 and a current ratio of 1.25. The stock has a market cap of $233.99 million, a price-to-earnings ratio of -4.83, a PEG ratio of 6.08 and a beta of 1.79.

Insider Transactions at 8X8

In other news, major shareholder Sylebra Capital Llc sold 50,000 shares of 8X8 stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $2.14, for a total transaction of $107,000.00. Following the completion of the transaction, the insider now directly owns 14,187,327 shares in the company, valued at $30,360,879.78. This trade represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold 557,504 shares of company stock valued at $1,114,070 in the last 90 days. 1.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently made changes to their positions in the company. Cerity Partners LLC lifted its position in 8X8 by 11.8% in the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock valued at $73,000 after acquiring an additional 2,983 shares in the last quarter. Picton Mahoney Asset Management boosted its position in shares of 8X8 by 53.6% during the fourth 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 last quarter. Rhumbline Advisers increased its holdings in 8X8 by 5.2% in the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after buying an additional 8,100 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 8X8 by 14.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock valued at $195,000 after acquiring an additional 9,093 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in shares of 8X8 by 1.5% in the 4th quarter. Federated Hermes Inc. now owns 623,453 shares of the company’s stock worth $1,665,000 after buying an additional 9,114 shares during the last quarter. 93.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EGHT has been the topic of a number of recent analyst reports. Mizuho dropped their price target on shares of 8X8 from $2.50 to $2.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley cut their target price on 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. B. Riley reaffirmed a “buy” rating and issued a $3.00 target price (down from $4.00) on shares of 8X8 in a research note on Wednesday, May 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of 8X8 in a research note on Wednesday, June 11th. Finally, Wells Fargo & Company reduced their price target on 8X8 from $2.00 to $1.50 and set an “underweight” rating on the stock in a research report on Tuesday, April 22nd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.51.

About 8X8

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.