8×8 Inc (NASDAQ:EGHT) Short Interest Up 28.3% in February

8×8 Inc (NASDAQ:EGHT) was the target of a large increase in short interest in the month of February. As of February 27th, there was short interest totaling 2,955,673 shares, an increase of 28.3% from the February 12th total of 2,302,931 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average daily trading volume, of 1,358,224 shares, the short-interest ratio is presently 2.2 days. Based on an average daily trading volume, of 1,358,224 shares, the short-interest ratio is presently 2.2 days. Approximately 2.2% of the shares of the company are short sold.

8X8 Stock Performance

8X8 stock traded down $0.03 during mid-day trading on Monday, reaching $2.06. The company had a trading volume of 1,283,858 shares, compared to its average volume of 1,918,253. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.06. 8X8 has a 52 week low of $1.52 and a 52 week high of $2.84. The company has a 50 day moving average of $2.11 and a 200-day moving average of $2.04. The firm has a market cap of $287.00 million, a price-to-earnings ratio of -102.95, a PEG ratio of 1.44 and a beta of 1.74.

Insider Transactions at 8X8

In related news, insider Hunter Middleton sold 85,044 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $2.50, for a total value of $212,610.00. Following the transaction, the insider directly owned 652,943 shares in the company, valued at approximately $1,632,357.50. This trade represents a 11.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.01% of the company’s stock.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently made changes to their positions in the stock. Prelude Capital Management LLC bought a new position in 8X8 during the third quarter valued at about $26,000. CIBC Bancorp USA Inc. bought a new stake in shares of 8X8 in the 3rd quarter worth approximately $30,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of 8X8 during the 3rd quarter worth approximately $31,000. Abel Hall LLC bought a new stake in shares of 8X8 during the fourth quarter valued at approximately $33,000. Finally, Brighton Jones LLC bought a new stake in shares of 8X8 during the third quarter valued at approximately $34,000. Institutional investors own 93.99% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.