8×8, Inc. (NASDAQ:EGHT – Get Free Report) was the target of a significant decrease in short interest in March. As of March 31st, there was short interest totalling 15,080,000 shares, a decrease of 6.5% from the March 15th total of 16,120,000 shares. Based on an average daily trading volume, of 1,520,000 shares, the days-to-cover ratio is currently 9.9 days.
Insiders Place Their Bets
In related news, CEO Samuel C. Wilson sold 13,740 shares of 8X8 stock in a transaction on Monday, March 18th. The shares were sold at an average price of $2.66, for a total transaction of $36,548.40. Following the transaction, the chief executive officer now owns 1,022,288 shares in the company, valued at approximately $2,719,286.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 22,033 shares of company stock worth $58,638 over the last quarter. 1.08% of the stock is currently owned by corporate insiders.
Institutional Trading of 8X8
Several large investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors increased its holdings in shares of 8X8 by 832.8% during the 1st quarter. Captrust Financial Advisors now owns 2,985 shares of the company’s stock valued at $38,000 after purchasing an additional 2,665 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of 8X8 by 1,620.9% in the fourth quarter. Meeder Asset Management Inc. now owns 10,360 shares of the company’s stock worth $45,000 after acquiring an additional 9,758 shares during the period. Toroso Investments LLC purchased a new stake in shares of 8X8 during the 1st quarter worth about $44,000. XTX Topco Ltd purchased a new stake in shares of 8X8 during the 1st quarter worth about $138,000. Finally, Verition Fund Management LLC acquired a new stake in shares of 8X8 during the 2nd quarter valued at about $58,000. Hedge funds and other institutional investors own 93.99% of the company’s stock.
Analyst Upgrades and Downgrades
View Our Latest Analysis on EGHT
8X8 Stock Performance
Shares of EGHT traded up $0.03 during trading hours on Tuesday, reaching $2.29. 696,709 shares of the company traded hands, compared to its average volume of 1,472,303. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.31 and a quick ratio of 1.31. The business has a fifty day moving average price of $2.68 and a 200-day moving average price of $2.96. 8X8 has a 12-month low of $2.15 and a 12-month high of $4.88.
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 and mid-size businesses, mid-market and larger enterprises, government agencies, and other organizations worldwide. It provides 8×8 Work, a self-contained end-to-end united communications solution that delivers enterprise voice with public switched telephone network connectivity, video meetings, and unified messaging, as well as direct messages, public and private team messaging rooms, and short and multimedia services; 8×8 Contact Center, a multi-channel cloud-based contact center solution; and 8×8 CPaaS, a set of global communications Platform-as-a-Service.
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