Weiss Ratings Reaffirms “Sell (D-)” Rating for 8X8 (NASDAQ:EGHT)

8X8 (NASDAQ:EGHT)‘s stock had its “sell (d-)” rating reiterated by equities researchers at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Several other equities research analysts also recently commented on the company. Morgan Stanley cut their price objective on 8X8 from $2.60 to $1.90 and set an “underweight” rating for the company in a report on Wednesday, April 16th. Mizuho cut their price objective on 8X8 from $2.50 to $2.00 and set an “underperform” rating for the company in a report on Tuesday, April 15th. B. Riley reissued a “buy” rating and issued a $3.00 price objective (down previously from $4.00) on shares of 8X8 in a report on Wednesday, May 14th. Rosenblatt Securities reissued a “buy” rating and issued a $2.70 price objective on shares of 8X8 in a report on Tuesday, May 20th. Finally, Wall Street Zen downgraded 8X8 from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 29th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $2.51.

8X8 Trading Down 2.7%

NASDAQ:EGHT opened at $1.81 on Wednesday. 8X8 has a twelve month low of $1.51 and a twelve month high of $3.52. The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 3.08. The business has a 50 day moving average price of $1.73 and a two-hundred day moving average price of $2.34. The company has a market cap of $243.41 million, a P/E ratio of -5.03, a price-to-earnings-growth ratio of 6.08 and a beta of 1.79.

Insider Buying and Selling at 8X8

In other 8X8 news, major shareholder Sylebra Capital Llc sold 50,000 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $2.14, for a total transaction of $107,000.00. Following the completion of the sale, the insider now owns 14,187,327 shares of the company’s stock, valued at $30,360,879.78. This trade represents a 0.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold 254,678 shares of company stock valued at $562,412 in the last quarter. 1.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On 8X8

Several hedge funds have recently added to or reduced their stakes in the business. Cerity Partners LLC lifted its holdings in 8X8 by 11.8% during the 4th quarter. Cerity Partners LLC now owns 28,239 shares of the company’s stock valued at $73,000 after purchasing an additional 2,983 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in 8X8 by 53.6% during the 4th quarter. Picton Mahoney Asset Management now owns 11,104 shares of the company’s stock valued at $30,000 after purchasing an additional 3,876 shares during the last quarter. Rhumbline Advisers increased its position in 8X8 by 5.2% during the 4th quarter. Rhumbline Advisers now owns 165,380 shares of the company’s stock worth $442,000 after buying an additional 8,100 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 8X8 by 14.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 73,133 shares of the company’s stock worth $195,000 after buying an additional 9,093 shares during the period. Finally, Federated Hermes Inc. increased its position in 8X8 by 1.5% during the 4th quarter. Federated Hermes Inc. now owns 623,453 shares of the company’s stock worth $1,665,000 after buying an additional 9,114 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.

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.