The share price of 8×8 Inc. (NASDAQ:EGHT) rose to $4.88 per share on Tuesday from $4.71. While 8×8 Inc. has overperformed by 3.61%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, EGHT fell by -68.64%, with highs and lows ranging from $16.28 to $2.87, whereas the simple moving average fell by -11.43% in the last 200 days.
On December 15, 2022, Wedbush started tracking 8×8 Inc. (NASDAQ: EGHT) recommending Neutral. A report published by BofA Securities on August 08, 2022, Upgraded its rating to ‘Buy’ for EGHT. MKM Partners initiated its ‘Neutral’ rating for EGHT, as published in its report on August 04, 2022. Evercore ISI also rated the stock as ‘In-line’.
Analysis of 8×8 Inc. (EGHT)
Further, the quarter-over-quarter increase in sales is 23.60%, showing a positive trend in the upcoming months.
To gain a thorough understanding of 8×8 Inc.’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. The goal here is to ensure that your current return on equity of -98.00% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.60, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
It is also very valuable to look at average volume as an indicator of volatility for a stock, and EGHT is recording an average volume of 2.04M. On a monthly basis, the volatility of the stock is set at 5.88%, whereas on a weekly basis, it is put at 6.33%, with a gain of 6.09% over the past seven days. Furthermore, long-term investors anticipate a median target price of $5.31, showing growth from the present price of $4.88, which can serve as yet another indication of whether EGHT is worth investing in or should be passed over.
How Do You Analyze 8×8 Inc. Shares?
The number of employees owning shares of the company should also be considered in addition to the fundamentals. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 2.80%. This can enable you to see the extent to which executives own the company’s stock.
Are institutional investors increasing their holdings in EGHT shares?
The recent increase in stakes in EGHT appears to be a result of several institutional investors and hedge funds increasing their positions. The Vanguard Group, Inc.’s position in EGHT has increased by 17.09% in the first quarter. The company now owns 18,899,764 shares of the stock, with a value of $81.65 million, following the purchase of 2,758,619 additional shares during the last quarter. BlackRock Fund Advisors made another increased to its shares in EGHT during the first quarter, upping its stake by 4.63%. During the last quarter, the company picked up 788,477 additional shares for a total stake of worth $76.97 million, bringing number of shares owned by the company to 17,816,024.
During the first quarter, Sylebra Capital Ltd. added a 50,507 position in EGHT. ArrowMark Colorado Holdings LLC purchased an additional 2.42 million shares in the last quarter, increasing its holdings by 25.90%, now holding 11.75 million shares worth $50.74 million. At the end of the first quarter, Millennium Management LLC increased its EGHT holdings by 259.77% and now holds 4.3 million EGHT shares valued at $18.57 million with the added 3.1 million shares during the period.