Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. 8×8 Inc. shares valued at $6,853 were sold by Zinn Matthew on Jul 19. At $4.75 per share, Zinn Matthew sold 1,442 shares. The insider’s holdings dropped to 281,821 shares worth approximately $1.23 million following the completion of this transaction.
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Also, Zinn Matthew sold 779 shares, netting a total of over 3,685 in proceeds. Following the sale of shares at $4.73 each, the insider now holds 283,263 shares.
Before that, Middleton Hunter had sold 589 shares from its account. In a trade valued at $2,786, the Chief Product Officer traded 8×8 Inc. shares for $4.73 each. Upon closing the transaction, the insider’s holdings decreased to 589 shares, worth approximately $1.38 million.
As published in their initiating research note from MKM Partners on August 04, 2022, 8×8 Inc. [EGHT] has been a Neutral and the price target has been revised to $5.50. This represents a 20.73% premium over Thursday’s closing price. Analysts at BTIG Research downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late July. As of June 24, 2022, Evercore ISI has decreased its “an Outperform” rating to a “an In-line” for EGHT. Earlier on May 11, 2022, B. Riley Securities upgraded its rating. Their new recommendation was “a Buy” for EGHT stock which previously was a “a Neutral”.
Analyzing EGHT’s Price Performance
On Thursday, 8×8 Inc. [NYSE: EGHT] plunged -22.28% to $4.36. The stock’s lowest price that day was $4.28, but it reached a high of $5.02 in the same session. During the last five days, there has been a drop of approximately -16.63%. Over the course of the year, 8×8 Inc. shares have dropped approximately -73.99%. Shares of the company reached a 52-week high of $17.92 on 01/04/22 and a 52-week low of $4.28 on 08/04/22. A 50-day SMA is recorded $5.75, while a 200-day SMA reached $12.80. Nevertheless, trading volume fell to 8.27 million shares from 1.45 million shares the previous day.
Support And Resistance Levels for 8×8 Inc. (EGHT)
According to the 24-hour chart, there is a support level at 4.09, which, if violated, would cause prices to drop to 3.81. In the upper region, resistance lies at 4.83. The next price resistance is at 5.29. RSI (Relative Strength Index) is 38.60 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.09, which suggests the price will decrease in the coming days. Percent R is at 94.41%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is 8×8 Inc. subject to short interest?
Stocks of 8×8 Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.47 million shares to 9.46 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 9.93 million shares. A decline of -4.97% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.66 of the overall float, the days-to-cover ratio (short ratio) decline to 4.66.
Which companies own the most shares of 8×8 Inc. (EGHT)?
According to BlackRock Fund Advisors filings, the company currently owns 16,957,783 shares, which is about 14.29% of the total EGHT shares outstanding. The investor’s shares have appreciated by 750,094 from its previous 13-F filing of 16207689.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $72,534,068. Sylebra Capital Ltd. acquire a 1.29% interest valued at $72.12 million while ArrowMark Colorado Holdings LLC purchased a 1,356,183 stake. A total of 0 shares of 8×8 Inc. were bought by Tiger Global Management LLC during the quarter, and 310,908 were bought by SSgA Funds Management, Inc. In its current portfolio, Morgan Stanley & Co. LLC holds 3,520,174 shares valued at $18.13 million.