8X8 (NASDAQ:EGHT) Shares Up 1.5% – Here’s What Happened

Shares of 8×8 Inc (NASDAQ:EGHT) shot up 1.5% during mid-day trading on Thursday . The company traded as high as $2.0950 and last traded at $2.06. 1,180,031 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 1,902,115 shares. The stock had previously closed at $2.03.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on EGHT. Weiss Ratings upgraded 8X8 from a “sell (e+)” rating to a “sell (d)” rating in a report on Thursday, June 4th. Rosenblatt Securities upped their price objective on 8X8 from $2.75 to $3.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Finally, Zacks Research cut 8X8 from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $2.45.

8X8 Stock Down 0.5%

The stock has a fifty day moving average price of $2.05 and a two-hundred day moving average price of $2.02. The company has a market cap of $290.65 million, a price-to-earnings ratio of 102.55, a P/E/G ratio of 1.49 and a beta of 1.84. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 1.93.

Institutional Trading of 8X8

Several large investors have recently modified their holdings of EGHT. Sequoia Financial Advisors LLC bought a new position in 8X8 in the 1st quarter valued at about $25,000. Prelude Capital Management LLC acquired a new position in 8X8 during the third quarter worth about $26,000. CIBC Bancorp USA Inc. bought a new position in shares of 8X8 in the third quarter worth about $30,000. Schonfeld Strategic Advisors LLC bought a new position in shares of 8X8 in the third quarter worth about $31,000. Finally, Abel Hall LLC acquired a new stake in shares of 8X8 in the 4th quarter valued at approximately $33,000. 93.99% of the stock is owned by institutional investors and hedge funds.

About 8X8

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.