Weiss Ratings Reiterates Sell (D-) Rating for 8X8 (NASDAQ:EGHT)

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating restated by investment analysts at Weiss Ratings in a report issued on Saturday,Weiss Ratings reports.

Several other analysts also recently commented on the stock. Wedbush upgraded shares of 8X8 to a “hold” rating in a report on Thursday, October 17th. Barclays lifted their price target on 8X8 from $2.00 to $2.50 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. StockNews.com raised shares of 8X8 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Morgan Stanley increased their target price on 8X8 from $2.00 to $2.60 and gave the company an “underweight” rating in a research note on Wednesday, December 18th. Finally, Wells Fargo & Company boosted their target price on 8X8 from $1.50 to $2.00 and gave the stock an “underweight” rating in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, 8X8 has a consensus rating of “Hold” and an average price target of $2.84.

8X8 Price Performance

Shares of EGHT opened at $2.72 on Friday. The company has a market capitalization of $355.40 million, a price-to-earnings ratio of -4.95, a price-to-earnings-growth ratio of 24.05 and a beta of 1.66. 8X8 has a 1 year low of $1.51 and a 1 year high of $3.41. The company has a debt-to-equity ratio of 3.26, a current ratio of 1.18 and a quick ratio of 1.18. The business has a 50-day moving average of $2.83 and a 200-day moving average of $2.44.

8X8 (NASDAQ:EGHT) last issued its earnings results on Monday, November 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $181.00 million for the quarter, compared to analyst estimates of $178.38 million. During the same period in the prior year, the firm earned $0.02 earnings per share. 8X8’s revenue was down 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that 8X8 will post 0.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. B. Riley Financial Inc. purchased a new stake in shares of 8X8 in the 3rd quarter worth $1,997,000. Invenomic Capital Management LP boosted its stake in shares of 8X8 by 10.5% during the 3rd quarter. Invenomic Capital Management LP now owns 5,528,497 shares of the company’s stock worth $11,278,000 after purchasing an additional 524,580 shares during the period. FMR LLC grew its position in 8X8 by 24.5% in the 3rd quarter. FMR LLC now owns 1,600,112 shares of the company’s stock valued at $3,264,000 after acquiring an additional 314,441 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of 8X8 by 8.6% during the third quarter. Geode Capital Management LLC now owns 2,982,393 shares of the company’s stock valued at $6,085,000 after acquiring an additional 237,181 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of 8X8 in the third quarter valued at about $332,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

About 8X8

8×8, Inc engages in the provision of enterprise communication solutions. It offers solutions to the business services, education, financial services, government, healthcare, and manufacturing industries. The company was founded in February 1987 and is headquartered in Campbell, CA.