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

Weiss Ratings reissued their sell (d-) rating on shares of 8X8 (NASDAQ:EGHT) in a report published on Saturday,Weiss Ratings reports.

Other equities research analysts have also issued research reports about the stock. B. Riley reissued a “buy” rating and issued a $4.00 price target (down previously from $7.00) on shares of 8X8 in a report on Thursday, October 24th. Mizuho cut shares of 8X8 from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $2.75 to $2.50 in a research note on Friday, December 13th. Wells Fargo & Company raised their price target on shares of 8X8 from $1.50 to $2.00 and gave the company an “underweight” rating in a research note on Tuesday, November 5th. Barclays lifted their price objective on 8X8 from $2.00 to $2.50 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, Rosenblatt Securities reduced their target price on 8X8 from $4.00 to $3.50 and set a “buy” rating for the company in a report on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $2.87.

8X8 Stock Performance

Shares of NASDAQ:EGHT traded down $0.06 during trading on Friday, hitting $2.58. 778,602 shares of the stock traded hands, compared to its average volume of 588,086. The company has a fifty day moving average price of $2.84 and a two-hundred day moving average price of $2.42. 8X8 has a 52-week low of $1.51 and a 52-week high of $3.76. The company 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 quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.26.

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

Institutional Investors Weigh In On 8X8

A number of large investors have recently made changes to their positions in the stock. Pallas Capital Advisors LLC purchased a new position in 8X8 during the fourth quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of 8X8 during the 3rd quarter worth $30,000. Virtu Financial LLC purchased a new position in shares of 8X8 during the 3rd quarter worth $36,000. Sei Investments Co. acquired a new position in shares of 8X8 during the 2nd quarter valued at about $44,000. Finally, XTX Topco Ltd purchased a new stake in shares of 8X8 in the second quarter valued at about $49,000. 93.99% of the stock is currently owned by hedge funds and other institutional investors.

8X8 Company Profile

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.