8×8 Inc (NASDAQ:EGHT) Short Interest Down 25.6% in January

8×8 Inc (NASDAQ:EGHT) was the target of a large decline in short interest in the month of January. As of January 15th, there was short interest totaling 2,313,241 shares, a decline of 25.6% from the December 31st total of 3,109,674 shares. Approximately 1.7% of the shares of the company are sold short. Based on an average daily volume of 670,988 shares, the days-to-cover ratio is presently 3.4 days. Based on an average daily volume of 670,988 shares, the days-to-cover ratio is presently 3.4 days. Approximately 1.7% of the shares of the company are sold short.

Wall Street Analyst Weigh In

EGHT has been the topic of a number of research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Rosenblatt Securities reiterated a “buy” rating and set a $2.50 price target on shares of 8X8 in a research note on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, 8X8 has an average rating of “Reduce” and an average price target of $2.49.

8X8 Stock Performance

NASDAQ EGHT traded up $0.02 on Friday, reaching $1.66. 923,655 shares of the stock were exchanged, compared to its average volume of 721,381. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 2.30. 8X8 has a one year low of $1.52 and a one year high of $3.52. The firm has a market capitalization of $230.14 million, a PE ratio of -41.50, a PEG ratio of 1.67 and a beta of 1.80. The company’s 50-day simple moving average is $1.92 and its two-hundred day simple moving average is $1.95.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in 8X8 by 2.3% during the third quarter. Vanguard Group Inc. now owns 13,892,966 shares of the company’s stock valued at $29,453,000 after acquiring an additional 317,196 shares during the period. Boston Partners grew its position in shares of 8X8 by 7.9% during the third quarter. Boston Partners now owns 8,582,614 shares of the company’s stock worth $18,192,000 after purchasing an additional 625,479 shares in the last quarter. Bank of America Corp DE raised its stake in 8X8 by 31.9% during the 3rd quarter. Bank of America Corp DE now owns 6,234,230 shares of the company’s stock valued at $13,217,000 after purchasing an additional 1,506,586 shares during the period. Acadian Asset Management LLC raised its stake in 8X8 by 29.9% during the 2nd quarter. Acadian Asset Management LLC now owns 3,380,762 shares of the company’s stock valued at $6,623,000 after purchasing an additional 779,010 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in 8X8 by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,228,294 shares of the company’s stock worth $6,329,000 after purchasing an additional 84,176 shares in the last quarter. Institutional investors own 93.99% of the company’s stock.

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.