8X8 (NASDAQ:EGHT) Trading 1.8% Higher – What’s Next?

8×8 Inc (NASDAQ:EGHT) shares were up 1.8% during mid-day trading on Thursday . The stock traded as high as $1.7250 and last traded at $1.71. Approximately 855,397 shares traded hands during trading, an increase of 30% from the average daily volume of 657,660 shares. The stock had previously closed at $1.68.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on EGHT. Weiss Ratings restated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Rosenblatt Securities reissued a “buy” rating and issued a $2.50 price objective on shares of 8X8 in a research report on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $2.49.

8X8 Trading Up 1.8%

The firm has a market capitalization of $237.07 million, a price-to-earnings ratio of -42.75, a PEG ratio of 1.69 and a beta of 1.78. The business’s 50-day moving average price is $1.95 and its 200 day moving average price is $1.97. The company has a debt-to-equity ratio of 2.30, a current ratio of 1.12 and a quick ratio of 1.12.

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its position in shares of 8X8 by 359.7% during the second quarter. Nisa Investment Advisors LLC now owns 13,042 shares of the company’s stock worth $26,000 after acquiring an additional 10,205 shares during the last quarter. Prelude Capital Management LLC acquired a new stake in 8X8 during the 3rd quarter valued at approximately $26,000. Diversified Trust Co acquired a new stake in 8X8 during the 2nd quarter valued at approximately $28,000. CIBC Bancorp USA Inc. purchased a new stake in 8X8 during the 3rd quarter worth approximately $30,000. Finally, Schonfeld Strategic Advisors LLC acquired a new position in shares of 8X8 in the 3rd quarter valued at approximately $31,000. 93.99% of the stock is owned by hedge funds and other 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.