Sylebra Capital Ltd. has recently announced that it has increased stake in 8×8 Inc. (NASDAQ:EGHT) by 0.43%. After grabbing 14.39 million shares, the institutional investor is now in possession of 61085.0 shares of the Technology Company. The new investment brought the stake of investor firm to 12.73% having worth around $41.3 million. Moreover, SSgA Funds Management, Inc. increased its share by 0.18 million to have a control over 4.84 million shares. And Millennium Management LLC raised its holdings to 1.09 million shares by acquiring 2.55 million shares or 2.26% of the stake.
8×8 Inc. (EGHT) concluded trading on 05/24/23 at a closing price of $3.65, with 1.07 million shares of worth about $3.9 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -8.06% during that period and on Wednesday the price saw a loss of about -2.93%. Currently the company’s common shares owned by public are about 113.20M shares, out of which, 108.08M shares are available for trading.
Unlock the Hottest Top 10 Penny Stocks Today! Discover Now
Dive into the world of lucrative penny stocks with MarketClub's groundbreaking "Smart Scan" technology! Get an instant snapshot of the top 50 high volume stocks with a clear direction and outstanding liquidity - in other words, the strongest trending. To unlock this exclusive list, simply provide your first name, last name, and email for instant access.
Gain Access to Top 10 Penny Stocks Now!.
Sponsored
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 13 analysts are covering the EGHT stock and their offered price forecasts bring an average price target of $5.33. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $7.00 and could fall to a lowest price of $3.00. The stock’s current price level is 31.52% above of average price target set by the analysts, while a rise to estimated low would result in loss of -21.67% for the stock. However, touching the estimated high of $7.00 would mean a gain of 47.86% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 86 times over the past 12 months. They bought 2,139,493 shares in 20 of the transactions. In 66 selling transactions, insiders dumped 348,543 shares.
iShares Core S&P Small Cap ETF, Vanguard Explorer Fund, and Vanguard Total Stock Market ETF are the top 3 mutual funds which are holding stakes in 8×8 Inc. iShares Core S&P Small Cap ETF is currently holding 8.2 million shares of worth totaling $23.55 million. The company recently came selling 13192.0 shares which brought its stake up to 7.26% of the company’s outstanding shares. Vanguard Explorer Fund bought 1.05 million shares, after which its hold over company’s outstanding shares expand to 5.72%, leaving 6.47 million shares with the mutual fund that have a worth of about $18.57 million. Vanguard Total Stock Market ETF, after buying 3.29 million shares, have now control over 2.91% of the stake in the company. It holds 0.0 shares of worth $9.44 million.
8×8 Inc. (NASDAQ: EGHT) started trading at $3.72, below -$0.04 from concluding price of the previous day. However, the stock later moved at a day high price of 3.7600, or with a loss of -2.93%. Stock saw a price change of 9.61% in past 5 days and over the past one month there was a price change of 18.12%. Year-to-date (YTD), EGHT shares are showing a performance of -15.51% which decreased to -52.29% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $2.50 but also hit the highest price of $7.81 during that period. The average intraday trading volume for 8×8 Inc. shares is 1.54 million. The stock is currently trading 16.63% above its 20-day simple moving average (SMA20), while that difference is up 1.30% for SMA50 and it goes to -15.44% lower than SMA200.
Sylebra Capital Ltd. acquired 14.39 million shares of 8×8 Inc. having value of about $41.3 million. Data submitted at the U.S SEC by Sylebra Capital Ltd. revealed that the firm now holds 61085.0 shares in the company valued at close to $222960.25, or have control over 0.43% stake in the company. 8×8 Inc. (NASDAQ: EGHT) currently have 113.20M outstanding shares and institutions hold larger chunk of about 105.20% of that. Holding of mutual funds in the company is about 53.29% while other institutional holders and individual stake holders have control over 53.73% and 15.04% of the stake respectively.
The stock has a current market capitalization of $412.60M and its 3Y-monthly beta is at 1.25. It has posted earnings per share of -$0.63 in the same period. It has Quick Ratio of 1.10 while making debt-to-equity ratio of 5.51. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for EGHT, volatility over the week remained 6.65% while standing at 7.28% over the month.
Analysts are in expectations that 8×8 Inc. (EGHT) stock would likely to be making an EPS of $0.13 in the current quarter, while forecast for next quarter EPS is $0.12 and it is $0.59 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.1 which is $0.16 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.09 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 1.20% while it is estimated to increase by 19.15% in next year.
Analysts at 13 brokerage firms have issued recommendations for the 8×8 Inc. (EGHT)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.60. Out of those 13 Wall Street analysts, 5 recommended a “Buy” rating, while 7 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
