BlackRock Fund Advisors recently announced the acquisition of new stake in 8×8 Inc. (NASDAQ:EGHT). The institutional investor has increased its shareholding in the Technology company by 2.52% to 17.46 million shares with purchase of 0.43 million shares. This fresh investment now brings its stake to 15.44% valued currently at $92.87 million. In addition, Sylebra Capital Ltd. raised its holdings by 86012.0 to 14.33 million shares. And ArrowMark Colorado Holdings LLC has lifted its position by 36.98% or 3.45 million shares – to 12.78 million shares.
With over 3.14 million 8×8 Inc. (EGHT) shares trading Friday and a closing price of $5.08 on the day, the dollar volume was approximately $15.96 million. The shares have shown a positive half year performance of 11.89% and its price on 03/10/23 lost nearly -7.30%. Currently, there are 113.20M common shares owned by the public and among those 108.08M shares have been available to trade.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for EGHT have a consensus price objective of $5.81. The analysts have set the share’s price value over the next 12 months at a high of $7.00 and a low of $4.50. The average price target is 12.11% above its recent price level and a downside to the estimated low will see the stock lose -12.89% over that period. But an upside of 27.43% will see the stock hit the forecast high price target while median target price for the stock is $5.40.
Insiders at the company have transacted a total of 90 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 2,200,324 shares. Insider sales of the common stock occurred on 66 occasions, with total insider shares sold totaling 345,116 shares.
The top 3 mutual fund holders in 8×8 Inc. are iShares Core S&P Small Cap ETF, Vanguard Explorer Fund, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 8.49 million shares of the company’s stock, all valued at over $45.14 million. The company bought an additional 20644.0 shares recently to bring their total holdings to about 7.51% of the shares outstanding. Vanguard Explorer Fund bought 0.8 million shares to see its total holdings expand to 5.42 million shares valued at over $28.82 million and representing 4.79% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 2.91% of the shares outstanding.
Shares of 8×8 Inc. (NASDAQ: EGHT) opened at $5.44, down -$0.04 from a prior closing price of $5.48. However, the script later moved the day high at 5.44, down -7.30%. The company’s stock has a 5-day price change of -9.45% and 20.95% over the past three months. EGHT shares are trading 17.59% year to date (YTD), with the 12-month market performance down to -55.90% lower. It has a 12-month low price of $2.87 and touched a high of $13.48 over the same period. EGHT has an average intraday trading volume of 1.80 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -10.74%, -1.60%, and 4.45% respectively.
Institutional ownership of 8×8 Inc. (NASDAQ: EGHT) 113.20M shares outstanding. Mutual fund holders own 49.22%, while other institutional holders and individual stakeholders account for 53.59% and 15.09% respectively.
It has a market capitalization of $619.51M and a beta (3y monthly) value of 1.31. The earnings-per-share (ttm) stands at -$0.94. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.46% over the week and 5.44% over the month.
Analysts forecast that 8×8 Inc. (EGHT) will achieve an EPS of $0.09 for the current quarter, $0.11 for the next quarter and $0.47 for 2024. The lowest estimate earnings-per-share for the quarter is $0.06 while analysts give the company a high EPS estimate of $0.13. Comparatively, EPS for the current quarter was $0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 1.20%, and 55.45% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate 8×8 Inc. (EGHT) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 7 of the 13 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the EGHT, a number of firms have released research notes about the stock. Wedbush stated their Neutral rating for the stock in a research note on December 15, 2022, with the firm’s price target at $7. MKM Partners on their part issued Neutral rating on August 04, 2022.
Leave a Reply