8X8 (NASDAQ:EGHT) Given Sell (D-) Rating at Weiss Ratings

Weiss Ratings reaffirmed their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT) in a research note issued to investors on Saturday,Weiss Ratings reports.

EGHT has been the subject of several other research reports. StockNews.com upgraded shares of 8X8 from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Morgan Stanley lifted their price objective on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. B. Riley reissued a “buy” rating and set a $4.00 target price (down previously from $7.00) on shares of 8X8 in a research note on Thursday, October 24th. Barclays lifted their target price on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Wells Fargo & Company boosted their price target on shares of 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, 8X8 currently has a consensus rating of “Hold” and an average price target of $2.87.

8X8 Trading Down 2.3 %

Shares of 8X8 stock traded down $0.06 during trading hours on Friday, hitting $2.58. The company’s stock had a trading volume of 778,602 shares, compared to its average volume of 588,086. The stock has a market cap of $337.10 million, a price-to-earnings ratio of -4.69, a P/E/G ratio of 22.25 and a beta of 1.66. The company has a debt-to-equity ratio of 3.26, a quick ratio of 1.18 and a current ratio of 1.18. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.76. The firm has a fifty day moving average of $2.84 and a 200-day moving average of $2.42.

8X8 (NASDAQ:EGHT) last posted its earnings results on Monday, November 4th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. 8X8 had a negative net margin of 9.68% and a negative return on equity of 6.00%. The company had revenue of $181.00 million for the quarter, compared to analysts’ expectations of $178.38 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. 8X8’s revenue for the quarter was down 2.2% compared to the same quarter last year. Research analysts forecast that 8X8 will post 0.01 EPS for the current year.

Hedge Funds Weigh In On 8X8

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. B. Riley Financial Inc. purchased a new position in 8X8 in the third quarter worth approximately $1,997,000. Geode Capital Management LLC raised its holdings in shares of 8X8 by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after purchasing an additional 237,181 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of 8X8 by 8.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 148,201 shares of the company’s stock worth $302,000 after purchasing an additional 11,287 shares during the last quarter. FMR LLC grew its stake in shares of 8X8 by 24.5% during the third quarter. FMR LLC now owns 1,600,112 shares of the company’s stock worth $3,264,000 after purchasing an additional 314,441 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in 8X8 by 178.7% in the third quarter. Sanctuary Advisors LLC now owns 94,076 shares of the company’s stock valued at $192,000 after buying an additional 60,316 shares during the last quarter. 93.99% of the stock is owned by institutional investors and hedge funds.

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 business, mid-market, enterprise customers, government agencies, and other organizations worldwide. It offers 8×8 Work, a self-contained end-to-end united communications solution that delivers voice services, secure video meetings, and unified messaging, including direct messages, public and private team messaging rooms, and peer-to-peer short and multimedia messaging; 8×8 Contact Center, a cloud-based contact center as-a-service solution; and 8×8 Engage, an artificial intelligence-powered solution that equips customer-facing employees outside the contact center with the tools and capabilities to deliver successful customer engagements.