8X8 (NASDAQ:EGHT) Trading Down 4% – Here’s What Happened

8×8 Inc (NASDAQ:EGHT)’s stock price dropped 4% during mid-day trading on Tuesday . The company traded as low as $1.6450 and last traded at $1.70. Approximately 1,674,144 shares were traded during trading, an increase of 74% from the average daily volume of 962,278 shares. The stock had previously closed at $1.77.

Analyst Upgrades and Downgrades

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

8X8 Trading Down 4.0%

The company has a market cap of $236.84 million, a P/E ratio of -84.96, a PEG ratio of 1.32 and a beta of 1.81. The business has a fifty day moving average price of $2.11 and a 200-day moving average price of $2.01. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.06.

Insider Activity

In related news, insider Hunter Middleton sold 85,044 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $2.50, for a total value of $212,610.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.01% of the company’s stock.

Institutional Investors Weigh In On 8X8

Institutional investors have recently made changes to their positions in the stock. Prelude Capital Management LLC bought a new stake in shares of 8X8 in the third quarter valued at approximately $26,000. DGS Capital Management LLC boosted its stake in shares of 8X8 by 62.4% in the fourth quarter. DGS Capital Management LLC now owns 46,945 shares of the company’s stock valued at $92,000 after buying an additional 18,043 shares during the period. Hillsdale Investment Management Inc. boosted its stake in shares of 8X8 by 2.0% in the fourth quarter. Hillsdale Investment Management Inc. now owns 1,503,397 shares of the company’s stock valued at $2,962,000 after buying an additional 30,200 shares during the period. GSA Capital Partners LLP boosted its stake in shares of 8X8 by 83.9% in the fourth quarter. GSA Capital Partners LLP now owns 555,042 shares of the company’s stock valued at $1,093,000 after buying an additional 253,192 shares during the period. Finally, Nano Cap New Millennium Growth Fund L P bought a new stake in shares of 8X8 in the fourth quarter valued at approximately $749,000. 93.99% of the stock is currently owned by institutional investors.

8X8 Company Profile

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.